Glenorchy Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Glenorchy* recorded a median house price of $570,000, and a median unit price of $441,000. This represents annual (Q2 2023 – Q2 2024) median price softening of -5.0% for houses and -6.7% for units. During this time total sales decreased, by -7.3% (to 115 sales) for houses and by -54.9% (to 37 sales) for units. These indicators combined show a cautious market. That said, this creates a window of opportunity for first home buyers, as both houses and units are currently more affordable. This is not always the case with Glenorchy*, due to a low supply of new stand-alone house stock. Thus now is the time for buyers to act.
CHANGE FROM LAST
YEAR
Glenorchy is set to see approximately $592.4M worth of new projects commencing in the 2nd half of 2024. Residential
$19.4M
HALF YEAR
HOUSE SALE S
Infrastructure
$223.0M
HOUSE ME DIAN PRICE
Commercial
$350.0M
HOUSE RE NTAL PRICE
UNIT SALE S UNIT ME DIAN PRICE
The combination of infrastructure and commercial projects will improve liveability for residents and create local jobs at the same time. This will stimulate economic growth, which may result in higher demand for housing stock; impacting real-estate.
UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$570K
$441K
MEDIAN PRICE Q2 2024
$510
SALES
AVERAGE DAYS ON MARKET Q2 2024
77
82
HOUSE
U N I T
R E N T A L S AVERAGE DAYS ON MARKET Q2 2024
$432
The Hobart Showgrounds Precinct development ($200.0M) is a key infrastructure project by the State Government, adding 450 dwellings. This will be combination of private stock, affordable housing, and stock allocated for first home buyers. Key residential projects include: •
162a Abbotsfield Rd (33 dwellings)
•
1 Teering & 29 Maroni Rd (15 units)
•
5-5a Taree St and 15-17 Coraki St (23 dwellings)
The incoming supply of ready-to-go housing stock assists with demand, moderating price growth. This is an opportunity for buyers.
25
24
521
HOUSE
U N I T
Dwellings
18 Units/ Apartments