More Million-Dollar Homes in Tasmania Change Possession in 2017

Cabin homes in TasmaniaSales of high-end homes in Tasmania posted a new record for the first nine months of 2017, according to data from Real Estate Institute of Tasmania.

The data showed that 120 homes worth more than $1 million changed possession during the period. A CoreLogic report also identified the best-performing suburbs in the state for the year ended June 30.

Booming Market

The record number of luxury home sales in Tasmania happened in 2015 when there were 109 properties sold. Homeowners can further negotiate a higher asking price with the right improvements, even if it is just a new coat of paint, sliding barn doors or a new driveway.

CoreLogic said that 10 more homes worth $1 million have been sold in October alone. Sellers closed deals for these properties in less than 30 days. Homes that are slightly higher than a million-dollar took at least three weeks to sell, while those worth $1.5 million and $2 million only took five and eight days before going off the market.

Best Suburbs

Apartments in Sandy Bay outperformed any other suburb in Tasmania in terms of median price growth for the 12 months ending June 30, according to a CoreLogic report. Units in the area registered a 23 per cent increase in median price, which amounted to $458,305.

The median price for homes in West Hobart ranked next with a 19.7 per cent increase, followed by a 15.8 per cent growth in West Moonah home prices. Home price growth in Midway Point and Sandy Bay completed the top five with 15.2 per cent and 14 per cent, respectively.

Tasmania’s luxury home market, along with apartments and houses, seem to be providing a good return for investors. Would you consider selling your property amidst higher median prices and fast sales completion?

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