PHOTO: Some Tasmanian sellers took their properties off the market believing they would not get the prices they were seeking.(Supplied: Pexels)
The number of house sales in Tasmania fell by more than a quarter in April compared with the month before, and property prices in Hobart were down 14 per cent, according to figures from the state’s Real Estate Institute.
Key points:
- House sales in Tasmania were down by 27.5 per cent last month, compared with the previous month
- House prices were down 2.2 per cent statewide, but by 14 per cent in Hobart, over the same period
The State Government has announced a new rent relief fund to catch tenants falling through the cracks
Real Estate Institute of Tasmania (REIT) president Mandy Welling said she was not surprised by the figures given the restrictions and challenges of the COVID-19 pandemic.
“These are the least productive figures since July 2013,” Ms Welling said.
“Not since the recession back in the late 80s, I couldn’t find evidence of anything that has been this significant.”
The April sales figures showed:
- The number of house sales was down by 27.5 per cent across the state for the month. In Hobart the decline was 37 per cent, Launceston 39 per cent and the north-west 12 per cent
- House prices declined by 2.2 per cent statewide, but by 14 per cent in Hobart. In Launceston the decline was 0.8 per cent while the north-west remained steady
- Vacant land sales increased by 1.6 per cent compared with the same time last year, which the REIT said was good news for the building industry
There was an easing of sales for properties in the $500,000 and above price bracket, but these properties were still selling on average 1.7 per cent above their listed price.
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