New Town is, increasingly, where home buyers want to be. Picture: EDDIE SAFARIK
BUDDING sellers in New Town have the best prospects of securing a big sale price when heading to the market this spring, says fresh data from realestate.com.au.
In its Spring Report Card, released today, the property website has revealed that city fringe New Town has seen a huge uptick in demand on the site.
Compared year-on-year, demand in this city fringe suburb has grown by over 50 per cent.
New Town’s increasing popularity comes as little surprise to Petrusma Property director Daniel ten Broeke.
He said while New Town had always been a popular area, the sharp increase in demand over the last 12 months was likely a case of buyers realising that the suburb offers just as much, if not more amenity, than suburbs that are only marginally closer to the CBD, such as North Hobart, West Hobart or Glebe.
These suburbs are typically a little more expensive than New Town, he said.
“It is also no coincidence that Hobart City Council have invested substantially in New Town over the last 12 to 18 months including a modern refurbishment and upgrade of New Town Road, which has certainly raised the profile and appeal of the area.”
New Town property owners sitting pretty in spring.
Buyer interest increased here more than any other suburb.
Mr ten Broeke said there was “absolutely no doubt” that homeowners in areas that ranked high on REA’s demand charts were in a fortunate position if springtime selling was being considered.
“Prices in these areas and some others in Hobart are still “at peak”,” he said.
“Having some confidence in the market amid so much uncertainty — domestically and overseas — is very pleasing.”
Chief economist at realestate.com.au, Nerida Conisbee, said demand was often a good indicator of price growth.
She said suburbs with big family homes on large blocks were faring well, but the best performers continue to be premium suburbs.
“We are seeing a flight to quality on realestate.com.au with premium markets holding up best due to high levels of buyer demand,” Ms Conisbee said.
“This recession is not a typical one because money has not dried up.”
Chief economist at realestate.com.au Nerida Conisbee.
Petrusma Property director Daniel ten Broeke.
Mr ten Broeke said New Town’s popularity stems from the broad range of property types and its lifestyle benefits.
He said it has proximity to the CBD, great schools, shops and services, alongside magnificent historic homes and new townhouses.
“The area appeals to first home buyers, families and retirees to investors and executives — every target market,” he said.
REA’s data showed a 52.3 per cent change in demand levels year-on-year in New Town houses followed by Risdon Vale 41.5 per cent, Kingston 30.8 per cent, Rosetta 27.4 per cent and Midway Point 26 per cent.
The most in demand house suburb list reads like a who’s who of popular Hobart suburbs: Sandy Bay, South Hobart, Taroona, Lindisfarne and West Hobart.
The fastest selling suburbs were Rosetta (houses) at 23.5 days on market and Sandy Bay (units) at 17 days.
BIGGEST YEAR-ON-YEAR GROWTH
Houses
1 New Town 52.3%
2 Risdon Vale 41.5%
3 Kingston 30.8%
4 Rosetta 27.4%
5 Midway Point 26%
6 Brighton 23.5%
7 Mount Nelson 23.1%
8 Dodges Ferry 22.4%
9 Montrose 22.3%
10 Sandy Bay 22.2%
Units
1 Kingston 31.7%
2 Claremont 24%
3 Howrah 22.4%
4 Bellerive 11.2%
5 N/A did not meet minimum requirements
Source: realestate.com.au 12 months to August 31
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