Whilst residential property growth continues across the country, albeit at a sluggish pace, there is one part of Australia that has really bucked all of the trends in a positive manner. We are of course talking about Hobart’s property growth.
Once Australia’s best kept secret, Hobart has blossomed in recent years into a city that has something for everyone. This has resonated, too, with Hobart’s population growing in 2017-2018 by 2.5%, only behind the already larger capital cities of Brisbane, Melbourne, and Sydney.
With growth comes investment, and all of the positive news coming from Hobart’s population growth has not gone unnoticed by experts and investment advisers.
Only the mega cities of Melbourne and Sydney were above Hobart’s median residential rental price, with neither being able to match Hobart’s much vaunted 15.1% year-on-year growth that has occurred since 2017. Hobart overtook Adelaide in median price, and when coupled with Tasmania’s relatively low median sales price overall, the opportunity to facilitate and grow a rental investment is plain for all to see.
The statistics that underpinned Hobart’s property growth also contributed to the greater narrative of the city’s attractive selling point as a place to live and work, largely free from the hassles typically associated with those on the mainland. Along with housing prices, employment, State GDP, and business confidence also soared in line.
As a result, Hobart has positioned itself as an attractive city not just for renters, but also for property investors. The uniqueness of Hobart’s geographical spread along the Derwent River also means that there is ample opportunity for the purchase and development of a property in a high quality location.