Tasmania Property Market Update November 2020

By Herron Todd White
November 2020

Hobart

The Hobart prestige market is generally in the suburbs of Battery Point and Sandy Bay where River Derwent and city views are afforded. Access to Hobart CBD is generally quick and direct, with boutique retail outlets, quality restaurants and prestige private schooling on offer. Pre-COVID, this market was generally strong with multiple offers on the table. It appears that the hype has somewhat stalled, however in saying this, there is still demand for appropriately priced properties. Multiple offers are still not unheard of, but occurrences have decreased.

This calendar year the most expensive residential property (as advised by RPData) was located at 64 Napoleon Street, Battery Point and provided a recently renovated 271 square metre brick dwelling with River Derwent views. The property provides a waterfront position on a hatchet shaped allotment with a narrow water frontage.

Prior to this sale, 488 Sandy Bay Road, Sandy Bay sold for $4.82 million in December 2019. This larger than normal house (by Hobart standards) is approximately 51 squares (479 square metres) on a 1067 waterfront block complete with private boat ramp. The property was recently renovated to a high standard.

In the unit market, the most expensive (as advised by RPData) is awarded to 24/1 Castray Esplanade, Battery Point, a 128 square metre, sixth floor unit complete with two secured undercover carparks in the sought after Silos apartment building, located within walking distance of the CBD and the famous Salamanca Markets (well, they were prior to COVID)!.

As for weird and wacky properties, as you may be aware, Hobart is a pretty conservative place. Currently (at the time of publication of this review, excluding properties that are listed off market), there are around ten properties for sale in the Hobart, Sandy Bay, Taroona and Battery Point areas that are expected to fetch in excess of $2 million.

Stephan Ning Liu
Property valuer

Speak with a Tasmania Mortgage Broker today.