Page 2 - Welcome Home Magazine November 2021

YOUR MARKET

OUR Update

The real estate market in Tasmania continues to strengthen, recording its strongest result on record with
2961 sales and nearly 1.55 billion dollars’ worth of property sold during the June - September 2021 quarter.

Highlights of the quarter were:
• Tasmania recorded nearly 1.55 billion dollars’ worth of property sold for the September quarter, up 6.1%
on the previous quarter
• 3.2 properties were sold per day in Launceston, with 293 properties sold in total, up 8.9% from last quar-
ter (a 3.9% increase on the same period last year)

• Launceston’s median house price increased 15.0% to for the quarter, now holding at $530,000 (an in-
crease of 38.2% for the year)

• The median sales price for other dwellings such as units and apartments in Launceston increased 7.8%
during this quarter to $384,000 (a 20.0% increase on the same period last year.)

• Launceston retained its crown as ‘the house investment capital of Tasmania’ with 29% of its sales being
made by investors

• In Launceston, the median rent per week for:
• a 2 bedroom property increased 5.3% to $395pw (a 16.2% increase on last year),
• a 3 bedroom property increased 5.0% to $420pw (a 16.7% increase on last year,
• and a 4 bedroom property decreased 4.0% to $480pw (still a 12.9% increase on 2020)

• Vacancy rates continued to lower for the quarter, with Launceston recording 0.8%

• Launceston’s median rental prices per week for two-bedroom units remained steady at $340, with 3-bed-
room houses increasing $5 to $425.

REIT President Michael Walsh said that it was hard to envisage any end in sight to the current momentum
that the Tasmanian real estate market was experiencing. Strong buyer demand and a severe lack of supply
was not only impacting the market here but this was a phenomenon that every capital city in Australia was
experiencing.

Low interest rates,improving economic conditions and an opening up of the boarders will continue to see
demand for property in this State grow. We clearly need to find avenues to release the pressure that has been
placed on the rental and sales markets by seeking the governments help to look for ways to expediently cre-
ate more rental properties and building more established homes for sale.

Source: REIT Media Release 28 October 2021 September Quarter rewrites - Benchmarks