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Tasmania's Luxury Real Estate Flourishes, Sets Five-Year Record High

Posted by Jereco O. Paloma on Feb 11, 2016 12:34 PM EST
The Prince Of Wales And Duchess Of Cornwall Visit Australia - Day 4 more big
HOBART, AUSTRALIA - NOVEMBER 08: School children from the town of Richmond turn out to see Camilla, Duchess of Cornwall and Prince Charles, Prince of Wales on November 8, 2012 in Richmond, Australia. The Royal couple are in Australia on the second leg of a Diamond Jubilee Tour taking in Papua New Guinea, Australia and New Zealand. (Photo : Brendon Thorne/Getty Images)

It's been a good year for the real estate market in Tasmania, Australia, as it had its best year in five years.

Data from the Real Estate Institute of Tasmania (REIT), as reported by The Mercury, showed that Tasmania saw a total of 9,370 properties sold in 2015, which is 11.9 percent higher than the preceding year. In terms of dollar value, the total transactions recorded last year hit the $2.9 billion mark.

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The town's high-end housing market also showed an impressive sales performance last year when it recorded a total of 19 sold properties valued at $1 million or above. The majority of these posh houses were concentrated at the south end of Tasmania.

The report noted that properties valued at under $400,000 dominated the housing market in Tasmania, which translates to roughly 66 percent of the total transactions recorded in the past year.

According to Tony Collidge, current president of REIT, the year 2015 can be considered a solid year for Tasmania's property market, particularly in the housing sector. He added that there's a high probability that the trend last year is likely to persist, if not improve, at least for this year.

Based on a separate report published by ABC News, REIT has been expecting that the prices of houses in Tasmania would further increase this year. It added that the vibrant property market in 2015 would be likely to spill over this year.

"The vast majority of suburbs in that area are now at their highest median prices ever. The real question is, are we going to have enough properties to be able to sell moving forward? Because there is, in Hobart and Launceston now, a property shortage," Collidge was quoted as saying by ABC News.

Across the town of Tasmania, the City of Hobart bested all other cities in terms of price appreciation at 8 percent, as compared with the previous year. Tasmania's median house price increase was pegged at 3.6 percent.

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