WHEN 61-year-old nurse Mark Bonnitcha and his partner started looking for a Hobart home to buy late last year, the first thing they noticed was the pace of the market.
He said the houses they inspected in Glenorchy and Moonah seemed to hit the market one week and be sold the next.
So the couple expanded their search to include Bridgewater and New Norfolk, two of Hobart’s most affordable suburbs according to a new study by Aussie Home Loans and CoreLogic.
“It only took a little while to find the right property for us,” Mr Bonnitcha said.
“When looking closer to the city you could feel the pressure to buy on the spot, because things were selling so quickly. But where we bought, we found a home that we are happy with and for the right price.”
Mr Bonnitcha was house hunting in the $220,000 to $275,000 price range.
His new home in Bridgewater fit the bill with its big block, fresh paint, polished floorboards, pretty views and nice quiet neighbourhood, too.
“I bought my first house in 1988 for $40,000 and have seen the ups and downs of the market over the years,” he said.
“I grew up in Hobart, moved to the Northern Territory for work for the past 10 years.
“Now feels like the right time to return home. Moving meant we could buy a house — while we still can — before Hobart becomes so expensive that we could no longer afford it.”
Released today, a joint study by Aussie and CoreLogic has revealed the top 20 most affordable suburbs for houses and units in Hobart.
While Hobart remains the nation’s strongest housing market — with 7.2 per cent growth in the year through to February 28 — the report showed there were options for home buyers aiming to buy for less than $380,000.
Across greater Hobart the study revealed seven suburbs with a median house value under $300,000.
Figures from the Real Estate Institute of Tasmania put greater Hobart’s 2018 median house price at $495,000, with 14.9 per cent growth.
The Aussie report listed Gagebrook as the most affordable suburb with its median house value of $217,278 (21 per cent annual growth) while Bridgewater was the most affordable for unit buyers at $227,020 and 9 per cent growth.
The most affordable areas for houses after Gagebrook were Herdsmans Cove, Bridgewater, New Norfolk and Risdon Vale.
For units it was New Norfolk, Old Beach, Claremont and Brighton rounding out the top five after Bridgewater.
From the top 20 houses list, Derwent Park and Warrane were the suburbs located closest to the city.
Each is positioned alongside more affluent suburbs where prices are typically higher.
However, both showed median price growth of more than 55 per cent in the past decade.
Warrane posted excellent annual results with 22 per cent growth.
Aussie chief executive James Symond said although values are still rising in Hobart, some heat has left the property market.