Where to look when hunting for a bargain

Following huge growth, Blackmans Bay’s median price has shrunk a little — is now the time to strike? Picture: Eddie Safarik

I BOUGHT a home for a bargain price.

These eight words have not been slung together in that order for quite some time in Hobart.

With prices climbing, multiple buyers competing for single properties and stock levels at record lows, the housing market has been a pressure cooker throughout the pandemic and well before that, too.

More recently, agents throughout Hobart have been saying the market has changed compared to the frenzy of 2021, which would come as welcome news to anyone looking to buy, even if only means competing against four other buyers instead of 14 or offering 5 per cent above the asking price instead of 20 per cent.

Bargains. They probably don’t exist, right?

But what about sharp deals. If buyers know where to look is it possible to find a sharp deal?

The Real Estate Institute of Tasmania’s latest quarterly report may have some answers to that question.

Desirable Kingborough suburb Blackmans Bay.

Looking at the data for every suburb and how they performed in the March period, it is possible to find almost two-dozen areas in the south of the state where the median house price decreased.

The issue with such a short amount of time is the number of sales, five sales in Snug or Warrane, or seven in Carlton or Risdon Vale — it’s likely not enough information to draw too many conclusions from.

Carlton is a good example, in the quarter its median was down -25.3 per cent but the change over the year was 27.6 per cent growth.

When deleting the areas that did not record double-digit sales, there are 10 suburbs left where the median quarterly figure was negative.

Are prices shifting in the city.

Only one suburb had a declining median in the quarter and annual columns: Blackmans Bay. This popular Kingborough suburb had 12 sales at a $863,750 median, which was down -6.1 per cent for the quarter and -3.5 per cent annually.

With 10, 12 and 11 sales, Hobart city, Margate and South Hobart recorded the largest quarterly decreases of -30.2 per cent, -29.4 per cent and -25.1 per cent.

Sandy Bay and Brighton medians dipped by -14.9 per cent and -11.2 per cent across 21 and 14 sales.

Margate’s median is almost $750,000.

Old Beach, Rokeby, West Hobart and Geilston Bay houses recorded median price changes in the -1.8 per cent to -9.4 per cent range.

Statewide and with at least 10 sales in the quarter, central northern suburb Westbury had the largest decrease at -31.1 per cent. And again, the annual figure is positive at 19.1 per cent growth.

South Launceston and Summerhill were the same with -20.3 per cent and -14 per cent quarterly figures against 38.8 per cent and 25.2 per cent annual growth results.

The post Where to look when hunting for a bargain appeared first on realestate.com.au.

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Where to look when hunting for a bargain

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