Regular visitors of this blog will remember our article on the growth that the property market in Hobart from earlier on in the year, which was exhibiting an amazing opportunity for investors like you to make the most out of your housing assets. That was written in February, and as we have all noticed, a lot has changed since then.
Whilst many housing markets have felt the strain this year owing to the COVID-19 pandemic and the resulting economic downturn, Hobart has been bucking the trend, and in a big way.
In fact, Hobart has almost become a premier destination for those looking to live and work due to the quality of life enjoyed here on the Apple Isle. Ease of transport, a relatively secure jobs market, and opportunities for entrepreneurs has also contributed to Hobart’s sudden demand for housing.
This increase demand has in turn created a unique opportunity for the savvy investor. Whilst prices have increased (the Domain Group put this figure as a 66.3% increase in the past five years), the median rent price has also increased by 4.4% this year alone.
Coupled with this, Hobart’s vacancy rate is barely worth rating – hovering at just 0.6% and showcasing the stability and growth that all investors dream of.
Property investors have been moving into Hobart’s ever positive market at a higher frequency in recent years. Despite this, there is still room to invest – the market hasn’t gotten too crowded – and areas of growth due to varying public and private sector initiatives are opening up even further areas.
Whilst one may be concerned with the above average housing prices acting as a first hurdle on the investment journey, Hobart’s market is one that is showing now signs of slowing down. Property was still being sold at a lightning fast rate this year, despite Tasmania’s borders being closed to the rest of the country, indicating that blind sales weren’t considered a deterrent.
At Rock, we’ve been observing this first hand, and making sure that our investors and their portfolios reap the rewards of this boom in the Hobart property market.
We’ve been able to utilise Hobart’s tiny vacancy rate for our clients, guaranteeing them tenancy immediately after listing through our own determined marketing and tenancy filling process.
We’ve also been able to deliver huge gains in both property valuation and rental prices. Our case studies from this year are a testament to the effort we go to in making sure our investors get the growth out of their portfolios that they want and deserve.