Exciting news for Hobart residents! Houses in the Tassie capital have grown in value by an average of 6.5% each year since 1993.
A new study by Aussie Home Loans and CoreLogic shows the Tasmanian capital has delivered healthy capital growth for home owners over the past 25 years. Way back in 1993, the median house price in Hobart was just $93,000. Today that median value is $453,000, meaning house owners have pocketed equity gains averaging $14,000.
Apartments in Hobart have also enjoyed steady rises in value. Today’s median apartment value is $353,000, a figure that has grown by an average of $10,400 each year since 1993.
Even more remarkable, estimates by CoreLogic show that in another 25 years, Hobart’s median house value could reach $2.2 million and apartments could cost $1.3 million!
Neighbourhoods with big gains
Some Hobart suburbs have achieved particularly strong gains in value over the past quarter century.
Taking the gong for Tasmania’s best performing suburb since 1993 is North Hobart, where the total gains on house prices over the past quarter century add up to a massive 616%. It’s amazing to consider that back in 1993, North Hobart houses were valued at around $95,000. These days, the suburb’s median house value is $680,500.
A little further out, the suburb of Moonah lies a short distance from the popular MONA (Museum of Old and New Art) – an attraction that didn’t even exist back in the 1990s. In 1993, the median Moonah house price was $74,500. Fast forward to 2018, and that value has skyrocketed to $375,000.
Coastal suburbs shine
It’s not just Hobart’s inner suburbs that have performed well. Beachside suburbs have scored some big price gains too.
The sleepy beachside enclave of Dodges Ferry, about a half hour drive from the city centre, has seen annual price gains on houses of 6.7% annually since the early 1990s. In 1993, house buyers were looking at a median price of $65,000 – 25 years later, that value has climbed to $326,000, a total rise of 402%.
Apartment owners in Blackmans Bay have plenty to celebrate too. Units in the coastal suburb have risen in value by 395% over the past 25 years, taking the median apartment value from $74,750 in 1993 to $370,000 today.
Take a closer look to see which suburbs right across Australia have been the top performers over the past 25 years by viewing the full Aussie/CoreLogic 25 years of housing trends report or contact your Aussie Broker for a free copy.
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