Buying a house in Hobart has always been a good investment. Hobart is the most populous of Australia’s island estate of Tasmania. The city serves as the state’s capital, and it has been one of the most frequently visited areas of the country with its rich heritage and beautiful natural sights.
Formerly known as Hobart Town and later Hobarton, it is the country’s second-oldest capital city next to New South Wales’ very own Sydney. The 20th century proved to be a turning point in this old city’s history, with the influx of migrations mainly from Asia, and the economic boom brought about by various industries including mining and agriculture among others. And even up to now, the market of real estate in Hobart has not slowed down a bit.
Real Estate in Hobart: By the Numbers
The market in Hobart has always been red-hot, and it will not likely slow down in the near future. The current median house price at Hobart right now is at $755,000. Hobart’s average rental price is $575, with a decent 2-bedroom rental unit’s averaging currently at $550 per week and a 3-bedroom space costing upwards of $580.
With data from five years ago compared to today’s, the median house sales price for Hobart has increased by 58.1%, equating to a 9.6% compound annual growth rate. The city’s rental yield for houses is at 4.0%, based on property rentals and sales spanning the last year. The city is also enjoying a high demand in the real estate investment market, with an outstanding average 4012 visits per property, well over Tasmania’s state average of 1191.
Why Choose Real Estate in Hobart City Center
Hobart’s appeal is in its urban character. The city offers an exclusive and premiere lifestyle known all over the country, and even abroad. It features the convenience of living in the city combined with the backdrop of the beautiful beach right in your doorstep. The city also has a colonial appeal in it which is evident in its gorgeous architecture, a factor that entices the older demographic. But with a buzzing energy and a vibrant culture, Hobart is now home to young professionals, established families, and independent folks of every age.
Although a relatively small city, it is packed with numerous options for markets, bars, cafes, and restaurants that cater to the locals’ everyday needs. Mainly, residents here work in administration and corporate offices, but with its amazing scenery and built-in inspiration, Hobart has also attracted artists in various fields like writing, sculpting, and painting.
The city has a lovely mixture of home-styles to choose from, ranging from townhouses, converted cottages, and even grand old family homes. There are also opportunities for renovation and redevelopment for old houses, as well as a number of old warehouses and factories converted as smart apartments and lofts. Waterfront living is also much cheaper in the city than in mainland Australia.
With an energetic arts community, excellent schools, and various entertainment spots like the local casino, theater, and several museums, the Hobart real estate scene is packed for everyone from the independent singles to the budding families.
Other States in Australia
Other locations in Australia are equally as desirable as Tasmania. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
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