Hobart is still walking on sunshine, storm clouds gather over the mainland. This Week, Hobart saw the approval of its first rooftop bar, record days on market and the mainland saw the weakest month-on-month change in dwelling values since the GFC. Find out what happened This Week in only a few minutes 🧐
A ROOFTOP bar and restaurant in Hobart’s CBD has been granted approval by the council. The top of the Shadforth Financial Group building at Macquarie St will be converted into a restaurant and bar under a plan from Melbourne-based developer Riverlee. The plan involves relocating the existing eighth-floor plant level to the 11th floor of the building and re-purpose levels eight, nine and 10 for office space, a restaurant and mezzanine sky-bar. The Mercury
The outlook for Australia’s commercial and industrial property sectors are set to weaken over the next five years, according to economic forecaster BIS Oxford Economics. The latest Australian Property Outlook report indicates that the cycle post-GFC was a “usual period” characterised by extraordinary returns from undervalued assets. The report warns that returns are expected to be significantly lower over the next five years than the last five. Urban Developer
Headlining the November results, the CoreLogic hedonic home value index recorded its weakest month-on-month change in dwelling values since the Global Financial Crisis; national dwelling values slipped 0.7% lower in November, led by larger falls in Sydney (-1.4%) and Melbourne (-1.0%) where the pace of decline has accelerated over the past month. Nationally, dwelling values are down 4.2% since peaking in October last year, with dwelling values retracing back to levels last seen in December 2016. Defying the downturn, Corelogic said the strongest conditions were seen in Hobart, with dwelling values increasing 9.3%. Corelogic
A dozen Tasmanian suburbs are setting a cracking pace for how long it takes homes to sell. The latest statistic from CoreLogic show the 12 ’burbs average between just three and seven days for a house to sell. In the last 12 months, Sandy Bay is the sales leader with 99 units sold in the 12 months to the end of August at an “average days on market” of just seven. While most of this pack of speedily sold suburbs are located in Greater Hobart — from Hobart itself, to strong showings from the Clarence and Glenorchy municipalities — there was also a trio of intriguing additions to the city suburbs. Realestate.com.au
The number of new home sales for the three months to October is down by 10 per cent in comparison to the same time last year, as access to finance continues to impair sales. New home sales have been falling steadily throughout the year, reveals the HIA New Home Sales report, a monthly survey which provides an indication of trends in the residential building industry. Urban Developer
Results for Tasmania for the week 26th November to 2nd December 2018
Clearance Rate: 60% · Reported: 5 · Sold: 3 · Not Sold: 2
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