Glenorchy Market Update 1 st H a l f 2 0 2 5
FUTURE DEVELOPMENTS
OVERVIEW
In Q4 2024, Glenorchy* recorded a median house price of $581,500 and a median unit price of $410,000. This represents an annual (Q4 2023 - Q4 2024) softening of -2.6% for houses and -9.4% for units. Comparing Q4 2023 and Q4 2024, total sales softened by -1.6% (to 125 sales) for houses, but grew by 28.3% (to 59 sales) for units. The current softening in house prices reflect higher interest rates and current economic conditions. That said, in the past 6 months there was a gradual increase in property prices, suggesting a possible recovery in 2025. Buyers should act quickly to take advantage of these house prices before there is a recovery.
CHANGE FROM LAST
YEAR
Glenorchy£ will see approximately $270.7M of new projects commencing construction in 2025. Residential
Commercial
$26.8M
$9.5M
HALF YEAR
HOUSE SALE S Infrastructure
HOUSE ME DIAN PRICE
$234.5M
HOUSE RE NTAL PRICE
The main Infrastructure project in Glenorchy is Hobart Showgrounds Precinct – Stage 3 – Pavillion & Dwellings ($200.0M). This project will incorporate a pavilion/showgrounds precinct, retail and dwellings. This will improve liveability for residents.
UNIT SALE S UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Key residential projects include:
$
•
14 & 24A Brent Street Dwellings (35 Dwellings)
MARKET CONDITIONS
•
16A Abbotsfield Road Dwellings (33 Dwellings)
SALES
•
5-5A Taree Street & 15-17 Coraki Street & 4 Tootonga Street – Dwellings (23 Dwellings)
•
229 Tolosa Street Units (5 Units)
MEDIAN PRICE Q4 2024
$581K
$410K
MEDIAN PRICE Q4 2024
$520
AVERAGE DAYS ON MARKET Q4 2024
58
83
HOUSE
U N I T
RENTALS
$455
AVERAGE DAYS ON MARKET Q4 2024
20
21
HOUSE
U N I T
The residential projects planned in Glenorchy will help boost supply and add much needed stock. However, there is only a limited number of new ready-to-sell houses planned, which is not enough. This will put pressure on the housing market, stimulating a price recovery sooner than later.
106 5 Units/ Apartments
Dwellings