![A real estate agent is showing a couple around a house for sale](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
More properties are coming onto the market in Hobart, improving buyer options.Photo: Attached
Great news for Hobartians looking for a home: the number of listings is increasing.
PropTrack's latest figures reveal a significant increase in the total and number of new home sales over the past 12 months.
The total number of listings in Hobart is now above the 10-year average, with new listings on realestate.com.au up 7% on the same period last year, according to the report.
Due to the rapid increase in the number of new listings, the overall figure increased by 22.6% compared to October 2022.
Outside the city, the number of new listings in regional Tasmania is up 10.8% on last year. Choice has also improved, with the total number of local listings increasing 34% year-over-year.
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PropTrack senior economist and report author Angus Moore said selection was “particularly strong” for buyers in Hobart, along with Melbourne, Sydney and Canberra. He said the total number of homes for sale in Hobart has increased by more than 2.5 times compared to 2021.
Mr Moore found that the suburb with the largest annual increase in new properties was Claremont, with an increase of 109%.
Double-digit increases were recorded in Brighton (36%), Sandy Bay (28%) and Glenorchy (11%). Meanwhile, New Norfolk, Rokeby and Howrah saw a decline of 10% to 43%.
“October listings reflect sales and vendor confidence,” he said.
“A tight rental market, strong population growth and rising wages will continue to support fundamental demand for real estate.”
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Angus Moore, an economist at Proptrack.
Meanwhile, Hobart had 2,783 real estate listings in November, 805 of which were on the market for less than 30 days, according to SQM Research data.
This is the highest total since March 2023. The last time Hobart offered buyers this much choice was in mid-2017.
SQM managing director Lewis Christopher said figures showed distressed selling remained at relatively low levels in Tasmania, but was increasing.
Tasmania is also seeing an increase in properties being put up for sale in poor condition.
Just before COVID-19, Christopher said there were around 80 properties in Tasmania at any given time, such as mortgagee sales, deceased properties, must-sell-now, bank-forced sales, divorcee sales, etc. He said it was being sold under strict conditions, including being heavily advertised.
“During the coronavirus period, banks have provided relief to troubled borrowers, and the number of distressed property listings in Tasmania has fallen to just 28 in January 2022,” Christopher said. ” he said.
“Since then, the trend has been upward.
“The latest November figures show 96 properties were sold in poor condition.
“This is an upward trend and is now above pre-COVID levels.”
