Average price trends
765,000
Jan
780,000
Feb
800,000
Mar
What are the property taxes in Hobart and are there any other ongoing costs I should consider?
In Hobart, property taxes, known as council rates, vary based on property value but average around $ 1,500 AUD to $ 2,500 AUD annually. Additionally, consider water and sewerage rates, approximately $ 1,000 AUD to $ 1,500 AUD per year. It's wise to also budget for insurance and maintenance costs, which will vary with the property type and condition.
What types of upfront costs and fees will I have to pay when purchasing a property in Hobart?
When purchasing a property in Hobart, you'll typically need to cover the deposit (usually 10% of the property price), stamp duty, legal fees, building and pest inspection costs, and loan application fees. Stamp duty varies based on the property price. For example, for a $ 400,000 AUD home, the stamp duty is approximately $13,997.75 AUD. Other fees can range from $ 500 AUD to $ 2,000 AUD each.
How does the Hobart property market compare to ther regions in the Australia?
As of 2023, Hobart's median house price stands at approximately $ 725,000 AUD, notably lower than Sydney's $1.41 million AUD, yet higher than Adelaide's $ 695,000 AUD. This highlights Hobart as a middle-ground option, offering affordability compared to metropolitan giants while showcasing competitive market growth against smaller capital cities.
How competitive is the Hobart property market?
The property market in Hobart, Tasmania, is highly competitive, characterized by strong demand and limited supply. As of March 2023, the median house price recorded was approximately $ 738,000 AUD, underscoring a noteworthy annual growth. Examples of suburbs like Sandy Bay and Battery Point are particularly sought after, further intensifying market competition.
