Here’s what’s happening in the Hobart property market according to Corelogic’s Decile report.
The report provides a detailed analysis at different levels of Australia’s property market by dividing the market into ten equal groups (or deciles) based on tiers of property value.
By analysing changes in dwelling values across each decile, the report identifies which parts of the market are over or under performing relative to the headline trends, summarising property market conditions nationally and across each of the capital cities.
While most capital cities are recording a slowing of value growth, Hobart values continue to rise rapidly.
Over the three months to April 2018, values in Hobart have increased by 3.6% which was their fastest quarterly rate of growth since the three months to December 2016.
Over the past 12 months, dwelling value in Hobart have risen 12.7%.
Values have increased across each of the 10 segments of the Hobart market over the past three months.
The rate of value growth has been strongest across the 6th decile with each of the more expensive deciles seeing progressively slower rates of growth.
The 10th decile recorded quarterly growth of 1.9% which was the slowest of any of the 10 segments.
Over the past 12 months, each of the 10 market segments have recorded an increase in values.
The 10th decile was the only segment in which values did not increase at a double-digit rate.
The most affordable 10% of properties in Hobart recorded the greatest value increase over the past year, followed by the second most affordable 10% of properties.
Over the past three months, the strongest value gains were broadly across properties valued between $430,138 and $478,394, while the slowest gains were for those valued in excess of $714,917.
Over the past year, the slowest gains were recorded for properties currently valued in excess of $714,917 while the strongest gains were for those properties with a current value below $258,238.
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