Hobart is approximately 1,696 square kilometres in size with a population of approximately 206,000. The predominant age group in Hobart is 15-24 years. Households in Hobart are primarily childless couples and likely to be repaying between $1800 – $2400 per month on their mortgages. In 2006, 39.8% of the homes in Hobart were owner-occupied compared with 30.3% in 2011 (source: Australian Bureau of Statistics).
Agent commissions in Hobart are currently the highest in Australia with no sign of this changing anytime soon.
To sell a property in Hobart with a traditional agent you can expect to pay around 2.82% to more than 3% commission plus GST. We recommend negotiating commission and fees prior to listing.
If you sell with a traditional agent, you can also expect to pay additional advertising fees on top of the commission, which can increase your total cost significantly. All up, your total cost is likely to be $14,000 – $20,000+ if you decide to sell with a traditional agent.
Compare this with just $694 if you sell your home yourself with the help of PropertyNow.
Australia’s housing market remains firmly entrenched in a housing boom across most regions, and Tasmania is no different.
The state’s beauty makes it a popular tourism destination and it’s no surprise home values are up. Tourism increases both investment from overseas buyers and buyers within Australia, and the industry is booming in Tasmania.
As of June 2021, the median dwelling price in Hobart is $574,543 (up nearly $90,000 in 12 months) with median house values at $780,00 and median unit values of $645,500, almost double previous years. Annual growth remains healthy at 16.5%.
Housing demand is looking strong and holding with rentals yields higher than some other capitals. Weekly rent sits at $530 for houses and $500 for units. The gross rental yields are up 4.4% for all dwellings, 7.2% for houses and 7.1% for units.
The average number of days on the market for sale properties in Hobart is fairly low by the standard of other cities – with 24 days on the market staying the average for June 2021 the same as for the previous year).
Property prices in Hobart during the pandemic fell by -0.1% during April 2020 when the pandemic was at its height. This slight fall was attributed mainly to employment and the industry sectors most heavily impacted by COVID-19, such as accommodation and hospitality services (almost 13% of employment in that region).
Hobart property prices were up for the quarter though, growing 0.59% as of May 2020, with an annual growth of 5%, which was a step backwards from the March figures which showed and annual growth rate at 9.3%.
Following lockdowns across the country, Hobart has experienced a surge in demand, with people flocking to live in the beautiful harbour city. Annual growth rate rose to a huge 16.5% as of June 2021.
If you’re in Hobart, you’ll need to know the specific laws that cover the buying and selling of properties in Tasmania, including the ‘Conveyancing and Law of Property Act 1884.’ This law requires that selling or the intent to sell should always be in writing. Another provision covers selling land sold held by lease:
“Where land sold is held by lease (not including under-lease), the purchaser shall assume unless the contrary appears, that the lease was duly granted; and on production of the receipt for the last payment due for rent under the lease before the date of actual completion of the purchase, he shall assume, unless the contrary appears, that all the covenants and provisions of the lease have been duly performed and observed up to the date of actual completion of the purchase.” – Section 3.3”
A further provision you’ll want to be aware of concerns conveyancing. In Tasmania, conveyancing is a must and part of the process of buying/selling a property.
Knowing the different rules and provisions relevant to your own state is an important part of the selling process. We can help!
Not paying an agent a hefty commission means you’ve got more room to move on your sale price, giving your an advantage over similar properties in the market.
You can also know for sure enquiries are responded to as quickly as possible and properly followed up!
If you don’t know how to price your property, ask us to give you a detailed breakdown of sale statistics for Hobart (or a specific suburb), and an estimated value of your property.
Amin Bhai sold his property privately with the help of PropertyNow. Amin wrote:
“Thank you for your prompt, comprehensive assistance at all stages. You made PropertyNow an efficient, user-friendly, value-for-money vehicle for divesting my properties with total control, especially appreciated during difficult personal circumstances. Greatly appreciate this vehicle, the facilitators and the value.”