Glenorchy Property Market Update 2nd Half of 2019
In Q2 2019, Glenorchy recorded a median house price of $380,000, and a median unit price of $259,500. This represents annual (Q2 2018 – Q2 2019) median price growth of 2.0% for houses and a price softening of -6.1% for units. At the same time, total sales in both markets slowed in Q2 2019, down by -34.8% for houses to 30 sales and by -8.0% for units to 23 sales. A lack of on the market property amidst strong demand suggest now is the time to sell.
Average vendor discounts between Q2 2018 and Q2 2019 widened for both property types, to +2.2% for houses and +4.2% for units, despite still being above the first list asking price. Market conditions in Glenorchy favour buyers slightly, as compared to 12 months prior there is now a discount. Now is an ideal time to transact, as owners can benefit from premium pricing whilst buyers enjoy a slight discount.
Over the past 12 months, house rental yields in Glenorchy increased to reach 5.6% in June 2019. This suggests the house rental market is in a healthy position, further confirmed by the decrease in average days on market across the same time period (down by -23.9% to 20 days in the 12 months to Q2 2019).
4+ bedroom houses provided investors with +12.9% rental growth annually, achieving a median rent of $500 per week.
Glenorchy recorded a vacancy rate of 0.1% in June 2019, which is astonishingly low, even when compared to Hobart Metro’s already very low 0.5%. This confirms a very strong rental demand exists for properties in Glenorchy.