Tasmania’s picturesque capital, Hobart, has maintained a strong property market throughout the year, as steady median house prices across the city come to a rest at $325 thousand across the state. Metropolitan South Hobart, with Waterworks Reserve and the famous Cascade Brewery, sits just below the CBD, where houses are spending as little as 62 days on market at average. Sitting at the base of Mt. Wellington, the north eastern suburb of Lenah Valley is also performing well, with exemplary auction clearance rates of 100% over the 12 month period. With these continuing trends, you can expect real estate fees to start to drop as demand increases.
Real estate fees are unregulated in Hobart, as with the rest of Tasmania’s, meaning that real estate agent fees are generally decided through supply and demand. It is likely that in the CBD and metropolitan areas, such as the water-fronted Glebe in the inner north, that real estate fees will be lower compared to the more regional or rural suburbs of Hobart. This is due to metropolitan areas having typically higher property prices and a greater number of real estate agents, which forces agents to price more aggressively in order to secure a listing.
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