Hobart becomes the Black Horse in the Australian Housing Market 2017 (Domain Photo)
Horbart, the capital of Tata, became the black horse of the Australian housing market in 2017, with house prices rising 17.3 percent a year, dwarfing other mainland capitals, according to Domain.
Melbourne`s home price rose 11.3 percent a year by the end of December 2017, trailing Hobart, ranking second in the country, according to Domain Group data. Australia`s southern capital cities were hit hard, with Sydney`s house prices rising just 4% a year.
Vadhoff (Hans Waldhoff), a senior housing market consultant at Hobart, was not surprised by the results, saying that "Hobart is a sleeping giant in the real estate industry." "residents from other parts of Australia came to Hobart for a vacation and found it a good place to live, and that prices were low and worthy of investment," Wadhoff said. As a result, they will buy up the supply of the market, prompting house prices to soar, and this trend will continue. "
Powell (Nicola Powell), a data analyst at Domain Group, agreed, saying lifestyle and house prices had spurred strong cross-state migration while supporting a steady rise in Hobart prices. The median home price in Hobart is A $443521, up 10 percent in the fourth quarter of 2017 and will not slow for the time being.
Powell said: "it is now noted that there is a real shortage of supply in the Hobart housing market, which will further contribute to the rise in house prices. On the supply side, there has been an increase in the volume of construction permits and construction in progress, but it will take some time to ease high demand. Against the backdrop of strong economic growth and population growth in Tahon, house prices will not slow until the end of this year. "
Meanwhile, Melbourne`s house prices have risen for 21 consecutive quarters, as a result of population and job growth, and Sydney has never done so. At present, Melbourne`s median house prices reached A $903859, breaking the A $ nine hundred thousand mark for the first time. The median price of Melbourne apartments rose to A $506079, up 8% a year. And affected by the mining industry downturn, Darwin housing market performance is the worst. Currently, Darwin`s median home price is A $565696, down 7.4 percent from the previous year, while apartment prices are A $395279, down 14 percent from the previous year.
