Glenorchy Property Market Update 2nd Half of 2021

In Q2 2021, Glenorchy recorded a median house price of $525,000, and a median unit price of $419,975. This represents annual (Q2 2020 – Q2 2021) median price growth of 20.3% for houses and 16.7% for units. Between Q2 2020 – Q2 2021 total sales increased, by 1.4% for houses (141 sales) and slowed by -17.0% for units (39 sales). These figures indicate high levels of demand in the Glenorchy market, which when accompanied by price growth indicates real returns in capital investment. Now is an ideal time for homeowners to transact, as there is an absence of stand-alone houses being built.

Average vendor premiums between Q2 2020 and Q2 2021 have increased further for both property types, to +9.4% for houses and +9.1% for units. Market conditions in Glenorchy continue to further favour vendors, as sellers must offer above the initial listing price. Now is the time to sell in Glenorchy.

In June 2021, house rental yields in Glenorchy were recorded at 4.9%. In the 12 months to Q2 2021, the median house rental price increased by 11.6% to reach $480 per week, while average days on the market declined by -24.0% (to 19 days). Overall, this indicates Glenorchy has remained a very resilient rental market throughout COVID-19.

3 bedroom houses have provided investors with +6.3% rental growth annually, with a median rent of $470 per week.

Also in June 2021, postcode 7010 recorded an incredibly low vacancy rate of 0.2%, on par with that of the Glenorchy LGA (0.2%) and below Hobart Metro’s also low rate (0.4%). Vacancy rates in Postcode 7010 remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is a strong ongoing level of rental demand, thus investors can be confident of a conducive investment environment in Glenorchy.