Powered by MOMENTUM MEDIA
subscribe to our newsletter

Hobart to be new housing hotspot for 2018

The Tasmanian capital is set to be Australia’s “star performer” for housing in 2018, according to Mozo’s head of referrals.

Mozo’s Steve Jovcevski has predicted that Hobart’s housing market will continue to flourish, rising by up to 10 per cent next year.

“Hobart posted a whopping 12 per cent growth in the past year and is expected to experience similar growth in 2018,” Mr Jovcevski said.

“Compared to other Australian metropolitan centres, Tasmania boasts some of the country’s most affordable housing.”

Mr Jovcevski claimed that low vacancy rates and high rental demand will lure investors into the Tasmanian capital’s housing market. He also predicted further improvement in the capital’s economy.

Advertisement
Advertisement

“The local economy continues to improve and lifestyle migration is expected to be a major factor in driving up house prices,” the property investment expert added.

However, according to Mr Jovcevski, Sydney market’s growth prospects are grim. He said that it will be the only Australian capital to experience negative growth, with a predicted decline of 5 per cent.

“The Sydney housing market plateaued in 2017 and will drop slightly over 2018, but we’re unlikely to see a dramatic bubble burst.”

He continued that lower clearance rates and “higher than average housing supply” were signs of the Sydney market’s continued decline, and he noted that clearance rates could be lower than reported.

“Clearance rates could continue to be low in Sydney due to rampant under-reporting of sale prices by agents. It is possible that actual clearance rates are even lower than reported.”

PROMOTED CONTENT


Mr Jovcevski also said that he expects the Sydney market to “pick up” in autumn before slipping again to unusually “tough” conditions in spring. 

There could also be 5 per cent to 7 per cent property market growth in Melbourne, driven by population growth and increasing appetite from first home buyers.

According to Mr Jovcevski, Canberra’s property market will also experience growth of 7 per cent, spurred by low vacancy rates, population migration and a strong local economy.

Brisbane’s affordable housing is also expected to drive population migration, which Mr Jovcevski said would materialise in housing market growth of 5 per cent.

Additionally, the Mozo property analyst forecast moderate growth of 2 per cent to 4 per cent in Perth’s property market, following the slight strengthening of the local economy.

[Related: Sydney drags down national home values]

 

Hobart to be new housing hotspot for 2018
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Charbel Kadib

Charbel Kadib is the news editor on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

A foreign bank has had its Australian banking licence revoked by APRA after it pulled out of the Australian market. ...

The average number of days properties spend on the realestate.com.au site fell to a record low in May, with records broken in many states a...

The big four bank has hired the former boss of AUSTRAC as the regulator has launched an investigation against NAB for potential anti-money...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.