Hobart Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Hobart* recorded a median house price of $833,000, and a median unit price of $650,000. This represents annual (Q2 2023 – Q2 2024) median price softening of -7.2% for houses and -4.4% for units. Comparing Q2 2023 vs Q2 2024 house sales increased by 10.8% (to 133 sales in Q2 2024), whilst unit sales decreased by -25.8% (to 66 sales in Q2 2024). Higher interest rates and lower consumer confidence has translated into the market, as median prices softened regardless of the number of sales. This creates a more affordable market for first home buyers, and thus an opportune time to enter the market and transact.
CHANGE FROM LAST
YEAR
HALF YEAR
Hobart is set to see approximately $1.1B of new projects commencing construction in the 2nd half of 2024. Mixed-Use
Residential
Projects
$28.6M
$8.2M
Infrastructure
$176.2M
HOUSE SALE S HOUSE ME DIAN PRICE Commercial
HOUSE RE NTAL PRICE
$910.8M
UNIT SALE S These projects will stimulate economic growth and create job opportunities in Hobart. This will have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
The UTAS Southern Campus Transformation ($600.0M) is the largest commercial project due to commence construction in the 2nd half of 2024. This will merge the two Hobart university campuses, which will allow for more opportunities
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$803K
$650
MEDIAN PRICE Q2 2024
$590
SALES
AVERAGE DAYS ON MARKET Q2 2024
30
66
HOUSE
U N I T
R E N T A L S AVERAGE DAYS ON MARKET Q2 2024
$470
30
27
HOUSE
U N I T
There are a few residential projects planned, adding much needed stock to the Hobart market. They include: •
47 Maning Avenue Apartments (11 Units/Apartments)
•
85 Athleen Avenue Units (10 Units/Apartments
•
14 Kooyong Glen Units (11 Units/Apartments)
•
19 Yardley Street (4 townhouses)
49 Units/ Apartments
12 Townhouses