2023-10-01-莱坊-Hobart_Residential_Insight_Q3_2023_4页_828kb

Hobart Residential Market Summary - Q3 2023

Core Content Overview

This report provides an analysis of the residential market in Greater Hobart for the third quarter of 2023, highlighting trends in sales, prices, and rentals. It also includes forecasts for the next few years, considering economic and financial factors.

Sales Performance

• Sales Volume:
  • June 2023 Quarter: Sales volume dropped by 13% to 834 homes.
  • Annual Sales Volume: Annual sales volume was 19% lower than the previous year.
• Days on Market:
  • The average days on market for a residential home in the June 2023 quarter was 71 days, up from 58 days one quarter earlier.
• Auctions:
  • No auctions were scheduled in the week ending 10 September 2023, resulting in a clearance rate of 0.0%.
  • The previous week also had a clearance rate of 0.0% from 2 auctions.
  • Last year, the clearance rate was 0.0% from 1 auction.

Price Performance

• Median Residential Value:
  • End of June 2023: $684,000.
  • Annual Change: Median values decreased by 6.2% between June 2022 and June 2023.
• Quarterly Price Growth:
  • Prices rose by 0.9% in the past quarter.
• Forecast:
  • Prices are expected to decrease by 1% at the end of 2023, increase by 4% in 2024, and 5% in 2025.

Rental Performance

• Vacancy Rate:
  • End of June 2023: 1.8%.
  • Last Quarter: 1.3%.
  • One Year Ago: 1.1%.
• Gross Rental Yields:
  • Decreased by 3 bps to 4.21% in Q2 2023.
• Rental Prices:
  • Quarterly Change: Rents fell by 3.7% in the June 2023 quarter.
  • Annual Change: Rents were 1.0% lower over the past year, with a weekly median rent of $520.
• Forecast:
  • Rents are projected to decrease by 4% at the end of 2023, rise by 2% in 2024, and 3% in 2025.

New Builds

• Building Approvals:
  • June 2023 Quarter: 274 houses and 12 apartments approved.
  • Trend: House approvals increased by 10.9%, while apartment approvals decreased by 78.6% compared to the previous quarter.

Key Economic and Financial Indicators

• Tasmanian Economic Growth:
  • 2022: 3.4%.
  • 2025 Forecast: 2.2%.
• Greater Hobart Unemployment Rate:
  • June 2023: 3.8%.
• Official Cash Rate Target:
  • September 2023: 3.8%.
  • 2025 Forecast: 3.4%.
• New Household Loan Commitments:
  • June 2023 Quarter: 3.4%.
• Lending to First Home Buyers:
  • Q2 2023: -12.7% decrease in lending commitments.
• Population Change:
  • 2022: 0.7% growth to an estimated 252,500 people.
  • 2025 Forecast: 0.9% annual growth.

Established Houses

• Median House Value:
  • End of June 2023: $709,500.
• Annual Price Change:
  • -6.9% over the year to June 2023.
• Annual Rental Growth:
  • -1.9% for houses in June 2023.
• Rental Prices:
  • Weekly Median Rent: $530.
• Gross Rental Yields:
  • 4.23% in Q2 2023, down 1 bp from the previous quarter.

Established Apartments

• Median Apartment Value:
  • End of June 2023: $532,500.
• Annual Price Change:
  • -0.5% over the year to June 2023.
• Quarterly Price Change:
  • -2.0% in the June 2023 quarter.
• Annual Rental Growth:
  • 0.0% for apartments in June 2023.
• Rental Prices:
  • Weekly Median Rent: $450.
• Gross Rental Yields:
  • 4.06% in Q2 2023, down 13 bps from the previous quarter.

Residential Market Forecast

Key Drivers Forecast (2021-2025)

Residential Market Forecast (2021-2025)

Source: Knight Frank Research

Contact Information

• Residential Research: Michelle Ciesielski
  • Email: michelle.ciesielski@au.knightfrank.com
  • Phone: +61290366659
• Residential, Tasmania: Mathew Chugg
  • Email: mathew.chugg@au.knightfrank.com
  • Phone: +61362206999
• Franchise Partnerships: Sally Edvardsen
  • Email: sally.edvardsen@au.knightfrank.com
  • Phone: +61290366845
• Residential: Erin van Tuil
  • Email: erin.vantuil@au.knightfrank.com
  • Phone: +61290366699
• Residential Project Sales: Luke Hayes
  • Email: luke.hayes@au.knightfrank.com
  • Phone: +61290366700
• Valuations: Alistair Carpenter
  • Email: al.carpenter@au.knightfrank.com
  • Phone: +6129036662