City suburb named one of the nation’s hot spots | Innovation Tech
New research from CoreLogic has ranked the nation’s top 50 suburbs where home prices increased substantially across the past 12 months, three years and five years.
South Hobart blitzed the field, with its sky-high median price change over the past 12 months rising by 35.3 per cent to $623,094. Compared to three years ago the suburb’s median was up 46.7 per cent and compared to five years ago it had grown by 64.1 per cent.
Only Wallan in Victoria surpassed South Hobart with its 36.8 per cent annual growth.
CoreLogic research director Tim Lawless said each of the 50 suburbs named in the Top Performing Suburbs report recorded median value growth higher than 18 per cent across a one-year, three-year and five-year period.
Nest Property property marketing consultant Cam Rogers said South Hobart’s substantial increase in demand over the past year had been driven by factors such as its unique location that borders on the CBD and the bush.
“You have all the amenities you need while being just footsteps from the city,” he said.
“Yet, South Hobart retains the security and sense of community that people feel in the suburbs.
“South Hobart appeals to several different segments of the buyer market which creates more competition for the same properties. This combined with a lower volume of sales in South Hobart compared to similar areas has created scarcity and a ‘fear of missing out’, which has forced sale prices upward.”
Homeowners Ros and Malcolm Saltmarsh have lived in South Hobart for more than 40 years and say they love the area’s village feel, walks, friendliness and rich heritage.
“The people are friendly, the restaurant and cafes are bustling, and it is so close to the city,” Mrs Saltmarsh said. “It is a great place to live, we feel very fortunate.”
Mr Saltmarsh said in recent years young families had moved into the neighbourhood and have been great contributors to the community — be it the bush care program, community garden or lending a hand to clean up after the storm in May.
More than 12,000 suburbs were assessed in the CoreLogic report. To meet the criteria each suburb required at least 50 sales across the past 12 months.