Hobart house prices drop during September quarter
House prices in Hobart fell during the September quarter but a housing industry analyst predicts an upswing soon.
During the three months to September, the median house price in the Tasmanian capital was $322,000, down 1.3 per cent on the June quarter.
Over the previous year, however, the median price rose by 0.7 per cent.
A housing industry analyst attributed the September fall to local economic factors.
Domain Group senior economist Dr Andrew Wilson said Hobart's higher-than-average unemployment rate helped drag prices down, but that the market should improve soon.
"There were some recent signs of an improvement in the unemployment rate in Hobart which still remains quite high," Dr Wilson said.
"But the trend is now starting to look like an improvement is setting in and that will work its way into higher confidence and also income growth.
"I think that'll work its way through to a gradual improvement in housing market outcomes in the next year."
The median unit price dropped by 8.8 per cent to $257,000 in the September quarter, but rose by 5.7 per cent over the previous 12 months.
Dr Wilson said the small unit market meant price growth could often be volatile.
