Clarence Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Clarence* recorded a median house price of $693,000, and a median unit price of $580,000. This represents annual (Q2 2023 – Q2 2024) median price softening of -5.1% for houses and -3.3% for units. During this time house sales slightly increased, by 0.6% to 172 sales, but declined for units, by -32.4% to 50 sales. Both houses and units are currently more affordable, indicating an ideal time for first home buyers to enter the market. That said, there are no new stand-alone houses in the pipeline, and only a small number of new units and townhouses. Thus the likelihood of a price recovery is high. Buyers must act fast.
CHANGE FROM LAST
YEAR
Clarence is set to see approximately $154.3M worth of new projects commencing in the 2nd half of 2024. Residential
HALF YEAR
$14.6M
Mixed-Use Projects
HOUSE SALE S
$28.0M
HOUSE ME DIAN PRICE
Infrastructure
$100.6M
HOUSE RE NTAL PRICE
UNIT SALE S
A focus on infrastructure projects improve liveability for residents, creating local jobs during the construction phase. This can attract more people to live in the area, which can impact the real estate market, through higher demand for housing stock.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
The largest infrastructure project in the 2nd half of 2024 is the Hobart International Airport Terminal & Runaway Upgrade Stage 2 ($80.0M). This will allow for more tourism to flow into the area, stimulating local economic growth.
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$693K
MEDIAN PRICE Q2 2024
$550
SALES
$580K
AVERAGE DAYS ON MARKET Q2 2024
66
72
HOUSE
U N I T
RENTALS
$480
Commercial
$11.1M
AVERAGE DAYS ON MARKET Q2 2024
25
19
HOUSE
U N I T
A main mixed-use project over the 2nd half of 2024 is Ringwood Road & South Arm Lauderdale Mixed Use Development ($9.2M), adding 5 apartments and 4 townhouses to the area. Other projects include: •
10 Petchey Street (17 townhouses)
•
Potts Avenue & Avro Court Clarendon Vale (11 units)
•
11 Madden Court (3 units)
21 Dwellings 46 Units/ Apartments