The property market in regional Tasmania continues to be the hottest in Australia with property prices rising quicker than anywhere else in the country.
Not only is the Tasmanian capital of Hobart due to overtake Perth when it comes to property prices, but prices in regional Tasmania are also booming according to the latest data from property analyst CoreLogic.
Launceston and the north-east of regional Tasmania saw growth of 11.4 per cent, the median house price in the southern region increased 11.6 per cent and the west and north grew by 11.1 per cent.
Cameron Kusher CoreLogic’s head of research, said: ‘It seems the growth we’ve been seeing in Hobart over the last three or four years is really starting to spill over into the rest of the state.’
He continued: ‘I think people are just realising that Tasmania is a great place to live. The economy is starting to do better and we’re seeing the attraction to the state from other parts of the country.’
In the Tasmanian capital of Hobart, the median property price – incorporating houses and units – is now $445,655.
That places the Tasmanian capital behind Perth (just over $451,000), Brisbane (nearly $492,000), Melbourne ($665,000) and Sydney (nearly $834,000).
However, with the rapid property price growth being seen in Hobart, the median property price should soon overtake Perth.
With prices rocketing in Hobart, it is no wonder that interest is spilling out into regional Tasmania.
The economy of Tasmania is certainly looking up with new money being invested, and many are flocking from other states to take advantage.
For example, places like Zeehan and Rosebery used to have house after house for sale, but now you have the Avebury mine reopening and a wind farm being built. There is therefore more work and those houses are being snapped up.
It seems that it is not just Hobart but the whole of regional Tasmania that should be on the list for overseas property investors.