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Hobart house prices skyrocket once again

House pixabays 2
Hobart's house prices have jumped once again, according to the latest Australian Bureau of Statistics data.
 
Tasmania's average house price sat at $576,200 in the June quarter. 
 
In Hobart houses spiked another 6.3% in the quarter, nearly 18% year on year. 
 
It was the capital's biggest quarterly increase since 2003, and third largest spike in the nation.
 
Residential property prices in all capital cities rose in the June quarter, with Hobart’s increase sitting behind  behind Sydney at 8.1% and Canberra at 8.2%.
 
But demand from the mainland is not the only thing that's driving house prices.
 
The Real Estate Institute of Tasmania says interest and searches from interstate buyers are high, but actual sales are around 10% lower than what they were pre-pandemic.
 
House builds are reportedly staying steady, but material costs and land allotments are affecting the construction sector, the impacts being felt in the real estate market.
 
"A shortage of available land and housing supply is driving up prices right now" President Mandy Welling said.
 
"A lot of people have the fear of no roof over their heads, so they're concerned about putting their property on the market". 
 
"There's fear of "are they going to secure another suitable property; are they going to go into a situation where they're going up against 30 or 40 buyers"" Mandy continued.

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