Chapter 1: What affordable suburbs in Hobart are suitable for first home buyers?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia.
And welcome to another episode of The Real Estate Podcast, available on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcasts from. Well, it's a Wednesday, the 11th of May for 2022, and it was on this day back in 1970 that the Beatles released the single The Long and Winding Road.
And what the public didn't realize at the time was the song would become the Beatles' last American single. And that happened on this day, and that's 51 years ago. Boy, time marches on. Well, since the RBA cash rate announcements last week, it's renewed the microscopic approach to where now in the country are the best buyers, especially for first home buyers.
And Tasmania has always represented a reasonable price. And coming up in just a moment, we're going to take a look at Hobart property and And what happened there after the first weekend since the interest rates moved? But first, let's have a look at your weather around Australia.
It's the main centre forecast with propertybuyer.com.au.
First we go to Sydney. It's a ditto day, expecting the same as yesterday. Some showers with a high of 23 degrees. Melbourne becoming cloudy but mainly dry with 20 degrees. Brisbane, rain again today in the forecast and 22 degrees and in Perth expecting a possible late shower which is like a 50-50 hand of poker from the Met service this morning and a high of 22 degrees.
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And don't forget about the Tiny Home Expo, which is happening on Friday the 27th of the month, the 28th on the Saturday and Sunday the 29th. It's happening at Redcliffe Showgrounds just outside of Brisbane. I've got five more free double passes to give away. To have a chance of winning, you have to be in the Real Estate Breakfast Club. And of course, there's still time to win the tickets.
We will be doing that draw again sometime between now and tomorrow morning. All you need to do is email this address, myrealestatepodcast at gmail.com and put in the header tinyhomeexpo. That should be a good one to get along and have a look at.
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Chapter 2: How did the recent cash rate changes affect the Hobart property market?
We started seeing the more affordable suburbs on the fringes becoming a lot more popular and that's certainly with the exponential increases post-COVID. say mid-2020, we've certainly seen a dramatic increase in the popularity of those areas due to their affordability.
And the report also showed that out of the capital and regional markets that Hobart was ranked 11th for affordability. Did that surprise or not surprise you at the ranking?
Yeah, look, it's probably not. I mean, I wouldn't have predicted it to be that low. I might have predicted it to be a little bit higher than that. But hearing it and really drilling down into the figures, it's probably not as surprising as what it might be. We have seen, as I say, exponential increases in the housing prices down here.
And certainly, the research would suggest that the average wages in Hobart are slightly below some of those in the other states as well. So probably not surprising, although I certainly would have predicted it that it was there.
And just coming back to that Roqueby median house price, because they've mentioned Roqueby at $480,000 for a house. and land package. I mean, that's not too bad, isn't it? It's under half a million dollars. People's expectations probably just have to be realigned a little bit in terms of Rokeby, but you're in the market for under half a mil.
It's a hard squeeze to get into the market anywhere under half a mil these days. If you're shopping at that end of the market, just being aware that certainly that the average home that you would be shopping for, that the that you're getting for under half a mil is probably going to be of the appropriate standard compared to if you were shopping at the upper end of the market in those areas.
And Brighton Estate, this is a new estate. Four in every five homes sold in this development have been snapped up by first home buyers.
Absolutely. We were instrumental in the launch of that estate not so long ago. And what we saw was a really quite an aggressive advertising campaign in that area. And with government grants and so on, the house and land packages were snapped up very, very quickly. And at at a very good price at the time. So we were very surprised when so many first home buyers grabbed those ones.
We thought some more investors might have jumped on those, but it was just so appealing at the time that people wanting to jump into the market just couldn't pass it up.
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