Median home prices in Launceston rose 23.8% to $ 470,000 in the past year, according to the latest data from the Real Estate Institute of Tasmania.
In its quarterly report, the institute noted that there was a record $ 4.46 billion in property sales in Tasmania over 12 months through September.
Sales in 2021 increased 15.8% from the previous year and values increased 18.7%.
The median price of a Tasmanian home in September was $ 520,000, an increase of 7.4% year over year. According to the institute, the increase in real estate prices has led to a reduction in investment levels.
The number of buyers on the continent rose to 1,653 from 1,051 last year, but only accounted for 18.1 percent of sales.
Sales to investors increased 36.5% from a year ago, but accounted for 19% of all sales.
The institute said sales to investors needed to exceed 25 percent of all sales to address rental shortages and ease pressure on asking rental prices. The quarterly report shows rental vacancy rates to be between 0.8 and 1.2 percent statewide.
In Launceston, a three-bedroom house costs an average of $ 420 per week to rent and a two-bedroom house costs $ 335.
Real Estate Institute of Tasmania chairman Michael Walsh said every Australian capital has a high demand from buyers and a severe shortage of supply.
“Low interest rates, improving economic conditions and open borders will continue to increase the demand for properties in this state,” he said.
“We clearly need to find ways to ease the pressure that has been put on the rental and sale markets by enlisting the government’s help in researching ways to quickly create more rental properties and build more established homes. for sale.”