The 4 Biggest Pieces of News about Property in Greater Hobart THIS WEEK

Hotel, housing plan unveiled for Royal Hobart Show site in Glenorchy. A hotel would be built on the site of the Hobart Showgrounds as part of a raft of proposed changes to make the site more economically sustainable. There are also plans to build medium density housing on the Glenorchy grounds, offering affordable accommodation to alleviate Hobart’s housing crisis. The Royal Agricultural Society of Tasmania has started discussions with prospective hotel and affordable accommodation providers to determine interest. The Mercury

Property prices in Sydney and Melbourne will see a top to bottom fall of 20 per cent, with AMP Capital cutting its forecasts for the two cities and predicting further price falls. In an update to the market on Thursday, AMP Capital chief economist Shane Oliver said that he now expects more price falls – downgraded from the initial 15 per cent fall Oliver forecast in August – and recommended property investors focus on higher yielding markets. The Urban Developer

Overall sentiment in commercial property markets fell nine points to a two-year-low in the third quarter, according to the NAB Commercial Property Index. Sentiment fell in all sectors, except CBD hotels which continues to benefit from the nation’s booming international tourism. Bolstered by the surging demand in e-commerce, particularly concentrated along the eastern seaboard, industrial property was the next best performer, according to the survey which covers 300 property professional respondents. The Urban Developer

Hobart house prices are set to exceed the half a million dollar median price mark within three years — yet the capital will remain the nation’s most affordable. There has also been some relief for Tasmanian first home buyers, investors and renters with the latest quarterly figures revealing prices have fallen across most of the state. The 17th Australian Housing Outlook Report from QBE, released on yesterday, shows Hobart’s median house price will rise to $520,000 by 2021, a growth of 7.9 per cent. Realestate.com.au