Suburbs in Tasmania have dominated a top ten list of Australia’s hottest suburbs for the summer down under.
The list compiled by REA Group’s realestate.com in Australia was calculated based on the number of online visits in the past month (including at least one interaction with a property) against the average number of listings.
South Hobart in Tasmania, came in at number one for online searches on the property website, followed by Briar Hill, Victoria, in second place, and Mount Stuart, also in Tasmania, making up the podium places.
The top ten hottest suburbs in Australia were dominated by the region, taking six of the top ten places in the list.
Prices in Tasmania have surged in 2017, with the median house price up 13.3 per cent in Hobart.
Sales have also increased by 11.6 per cent this year and the region is now Australia’s fastest growing real estate market.
Chief Economist at REA Group, Nerida Conisbee, said: ‘There is plenty of talk about the peak of the housing market and we’re certainly seeing a slowdown in Sydney, but much further south in our sometimes-forgotten capital city Hobart, conditions remain strong.’
However, it is felt that the speed of growth could mean that meeting the increased demand for property in Tasmania could be difficult, with a shortage of available properties possible.
Real Estate Institute of Tasmania (REIT) President Tony Collidge commented: ‘Of concern is our ability, particularly in Hobart, to continue to meet the demands of such growth.’
He continued: ‘I envisage the shortage of rental properties and properties for sale will see demand continue to push rents and prices higher.’
It seems Tasmania could make a devilishly good destination for overseas property investors.
Australia’s Hottest Suburbs
1) South Hobart – (Tas)
2) Briar Hill – (Vic)
3) Mount Stuart – (Tas)
4) Warrandyte – (Vic)
5) Battery Point – (Tas)
6) Bellerive – (Tas)
7) Mornington – (Vic)
8) Hobart – (Tas)
9) North Hobart – (Tas)
10) Allambie Heights – (NSW)