Tasmania’s property market has reached new heights and broken records — again. For the first time, over $4 billion worth of property was sold in the state in a calendar year.
In the Real Estate Institute of Tasmania’s 2018 review, it was revealed that property worth $4.067 billion was sold — 5% more than the previous record-breaking year.
At the top end of the market, 181 properties were sold above $1 million, most of which were bought by Tasmanians. Activity in the first home-buyer sector increased by almost 20%.
Overall, purchasers from interstate bought 2,348 properties, about 20% of all transactions.
Last year was the seventh in a row and the 14th out of 15 years where Tasmania set a new benchmark for the number of residential transactions. At 11,394 in 2018, it was just 41 sales more than 2017.
REIT president Tony Collidge says that, with the state of the market and demand still high, there is “currently no end in sight” for the current property cycle. “I can’t see anything in the near future that will change things for our market,” he says.