Tasmania property peaking
Dips in property prices can occur across the globe and recent news from over at Australia show that Hobart’s long running property boom is suddenly seeing the foundations shaking under the weight with house sales having fallen 16% in the past year.
The little island just off the south coast of Australia and viewed from Melbourne has seen a positive growth in property prices over the last five years with fears that investors are now looking elsewhere. Tasmania is a vast and largely protected island that is in fact a little over two thirds of the size of England.
Real Estate Institute of Tasmania (REIT) shows median house prices are down, properties are taking longer to sell, and investors are turning to other states to buy. Full story can be read on the ABC News website.