Kunama Real Estate Agents and Property Developers | The 6 Biggest Pieces of News about Property in Greater Hobart THIS WEEK
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Kunama Real Estate, Property Investors

The 6 Biggest Pieces of News about Property in Greater Hobart THIS WEEK

Record number of homes in Greater Hobart crack $2 million mark. Tasmania’s real estate market continues to hit new highs with 21 properties breaking the $2 million mark in the 12 months to September, up 62 per cent on the previous year. Data from the Real Estate Institute of Tasmania shows that Sandy Bay is the golden suburb, with 10 properties selling for $2 million or more. North Hobart was home to three of the big buys, while the others were in Bellerive, Battery Point, Taroona and New Town. News.com.au

 

The number of loans being issued to owner-occupiers has plunged to the lowest levels in five years, according to the latest housing finance figures from the Australian Bureau of Statistics. The slide is due in large part to traditional banks moving abruptly away from the property market due to stringent APRA regulations and the fallout from the Royal Commission. Loans for building and new home purchases fell 3.8 per cent over September to $29.1 billion, 13.5 percent lower than this time last year. First homebuyer activity also retreated following acute improvements in 2017, down by 2.0 per cent over the quarter and down by 3.7 per cent compared with a year ago. The Urban Developer

 

Huge debt, share price plunge sparks fears for future of Hobart zinc works. The future of Nyrstar’s Hobart zinc smelter and its 600 staff has been thrown into doubt following a plummeting global share price and debt concerns interstate. The Belgian-listed zinc-smelting giant’s share price has dropped 88 per cent on European markets since mid-September prompting analysts to urge clients to “abandon ship” on the stock. The Mercury

 

Australia needs to triple its small stock of social housing over the next 20 years to cover both the existing backlog and newly emerging need. That is the central finding of our new research report on the housing infrastructure needs of low-income earners, published by the Australian Housing and Urban Research Institute (AHURI). By our reckoning, 25 years of inadequate investment has left Australia facing a shortfall of 433,000 social housing dwellings. The current construction rate – little more than 3,000 dwellings a year – does not even keep pace with rising need, let alone make inroads into today’s backlog.  The Urban Developer

 

Australia’s property market continues to slide with Corelogic reporting that over the three months to October 2018, more than three quarters of properties were sold for less than their listed purchase price. Apprehensive buyers, cautious lenders and retreating investors have resulted in 75.4 per cent of properties listed transacting lower than their original listed purchase price. A mere 7 per cent of properties sold for their originally listed price while the remaining 17.6 per cent sold for more than the originally listed price. The Urban Developer

 

The national residential vacancy rate fell to just 2 per cent in October, driven down by falling vacancies in many of Australia’s smaller cities and marking its lowest level since early 2014. Hobart reached its lowest recorded rate of 0.3 per cent from 0.4 per cent a month earlier. Conditions remain mixed in Hobart. Asking rents for units rose 5.0 per cent in October and are up 11.9 per cent year on year in the NSW capital, but asking rents for houses are falling. The Urban Developer

Weekly auction results

Results for Tasmania for the week 5th November to 11th November 2018

Clearance Rate: 66.7% · Reported: 3 · Sold: 2 · Not Sold: 1

Looking for more information about your area? Contact the team at Kunama. We can help you buy, sell and manage Tasmanian Property.  

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