TAS property market improved in Q4

Tasmanian real estate has ended 2012 on a high with a recent report finding that the December quarter performed well.

The Real Estate Institute of Tasmania's (REIT) December Quarter Property Report revealed that not only did house sales increase across the state, but values also improved.

Transactions increased by 1.2 per cent for the three months to December, with REIT president Adrian Kelly making mention of specific locations.

He explained: "Hobart experienced a strong increase in sales for the quarter, up 17 per cent; Launceston remained steady, while sales in the North West centres were down 11 per cent.

"The median house price for Tasmania increased 8.8 per cent to sit at $310,000 for the quarter, representing a 1.6 per cent increase for the entire year."

Real estate in Hobart enjoyed a 7.4 per cent jump in its median value, growing to $365,000, while Launceston saw median values reach $275,000 – up 3.9 per cent.

Mr Kelly welcomed these figures, saying that he is hopeful for the property sector in Tasmania for the coming 12 months.

The average number of days that a property sits on the market in the state was listed as 70 in the report – reduced from 79 days.