Devonport Housing Market Update: Sleepy

Posted by on Sep 23, 2011 | Leave a Comment

There’s not a lot to be said about the Devonport housing market for August, other than something along the lines of “more of the same.”

The top end of the market ($1.2m plus) tends to be where vendors are taking the big hits; some houses in this price bracket were selling for between 15% and 20% less than their RV.

Conversely, the cheaper end of the market (generally smaller flats or apartments) are doing quite nicely, with several properties in this bracket selling for around 14-15% above their RV. This has very much been the trend in Devonport for some time, with some notable exceptions to the rule.

This month we’ve published an additional graph; the last one below tracks sale price to RV as a percentage from Jan 2010. One can see the awful hole the market was in this time last year, and how there has been a recovery of sorts in 2011.

However, such a modest recovery on the back of such a slump is making life very difficult for real estate agents, with the local scene desperate for listings. While volumes have increased, they are still low.

We’ve adopted a different methodology for the first time this month; we have included properties sold all the way up to King Stores, including Old Lake Rd. There were only three houses in this additional area (3!) but let us know if you have any thoughts on whether we should include this extension in the future or not. We’ve always been a bit concerned the “south of the golf course” cut-off was a bit arbitrary, so let us know what you think.

Table_95 2011-09-23

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Table_94 2011-09-22

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