Property values in Tasmania continue to fall, one major real estate group has found.
Despite a few strong sales of farming land in the area, the town of New Norfolk near Hobart is seeing declining sales, according to PRDnationwide.
Andrew Hills, senior sales consultant at PRDnationwide in New Norfolk, has said prices have gone backwards.
“There’s certainly affordable living,” he said, “but the median price has come backwards, and there is more on the market than ever.
“In the short term, it’s not likely to look up, but there does appear to be a few more sales recently.”
Dr Andrew Wilson, senior economist at Australian Property Monitors, said that to see the property market improve, an increase in the local economy and employment would have to occur.
“With relatively high unemployment rates, of course that means discretionary buying and selling is minimised,” he said.
“They’re certainly in a dormant phase at the moment and that’s no surprise given that the Tasmanian economy is the underperformer in the nation.
“We’d need to see a lift in the local economic performance before we’d see a lift in the housing market. At very best it’s bottoming out, but I wouldn’t be too confident that it has,” he said.