Glenorchy Research Factsheet 1st Half 2018
The Glenorchy property market recorded a median house price of $320,000 and $235,086 for units in Q4 2017, representing an annual price change of 13.9% and 24.1% respectively. Over the same period of time house prices in the City of Glenorchy LGA grew by 12.9% to $350,000 and unit prices grew by 7.9% to $259,000. Glenorchy’s property prices are well below suburbs within the Hobart Inner City area, uniquely offering affordability as well as high sustainable capital growth to home buyers and investors.
Glenorchy has seen increased competition in the unit market with average days to sell units decreasing significantly over the past twelve months, by -26.1% to 34 days in Q4 2017. In Q4 2017 average vendor discounting for both house and units reached positive record levels, requiring buyers to pay a premium above first list asking price of 4.7% and 3.1% respectively. This indicates that Glenorchy is currently a sellers’ market, and sellers would be wise to take up this opportunity.
Median rents in Glenorchy have seen healthy increases for both houses (10.8%) and units (25.0%) over the past 12 months to Q4 2017 – currently at $380 and $300 per week respectively. Investors are benefiting from high rental yields of 6.0% (house) and 6.3% (unit), higher than most nearby suburbs, as well as Hobart (4.3% and 6.2% respectively).Approximately $121.7M of development is scheduled to commence in Glenorchy and nearby parts of Hobart in the 1st half of 2018. Spill-over benefits in the area will include local job creation and a total of 51 new dwellings being added to the market to support forecasted future population. These developments will have a positive flow-on effect to the Greater Hobart area in the long term.