Where you should have bought

Do you have Doc Emmett Brown’s phone number? I would like to borrow the DeLorean for a short trip. Image: Stuart Quinn.

FOR anyone who has the contact details of Dr. Emmett Brown or a Tardis, Rokeby 2017 is the place to go back in time.

In 2017, buyers fetched a typical Rokeby home for a whopping $201,000.

But in 2022, the East Coast suburb’s median home price rose to $561,000 on 65 sales.

This is a change in values that is unparalleled nationwide at 179 percent.

Mark Weaver, real estate agent for Harcourts Hobart, said Rokeby was similar to suburbs like Warrane and Moonah 10 years ago.

“Rokeby is now a classic example of a lower socio-economic suburb just 20 minutes from the CBD that was still affordable enough for young families to buy into existing properties or build new ones,” he said.

Rokeby is trending up.

“Combined with the unprecedented growth being fueled by the pandemic and strong civilian investment in subdivisions, this has resulted in Rokeby absolutely skyrocketing its median sales value over the last five years.

“With the recently completed new Glebe Hill shopping center and the halo effect of the surrounding suburbs of Oakdowns, Howrah and Lauderdale, I predict Rokeby will continue to be a fertile suburb to invest in or to live from a capital growth perspective. “For all of the reasons Rokeby has delivered such exceptional growth recently, Clarendon Vale should be another banker for years to come.”

Earlier this month Mr Weaver launched No. 3 Dart Ln, Rokeby and quickly sold it for $751,000.

“It’s a great example of the high quality new build that is now productive across Rokeby,” he said.

“While we were not overwhelmed with inquiries, when the market cooled we managed to generate multiple bids above our list price within 10 days of listing.”

Across Hobart, the top 10 growth suburbs over the period start with a 135 percent increase in Sandford and climb up to the benchmark set by Rokeby.

Almost every high-growth median price was in the homes category, plus one high-performing suburb, New Norfolk, which rose 142 percent.

Second place went to Herdsmans Cove (162 percent), followed by Primrose Sands (148 percent), Gagebrook and Geeveston (139 percent), Risdon Vale, Bridgewater (136 percent) and Lewisham (133 percent). ).

PropTrack economist Angus Moore said the five-year growth data showed house prices have grown faster than units during the pandemic period.

“A big part of the reason for this is because people wanted more space in their homes and were willing to pay for it,” he said.

Mr Moore said many high-performing suburbs are in regional areas or smaller capitals, reflecting the move away from Sydney and Melbourne.

Those real estate dollars have flowed into locations like Adelaide and Hobart, leading to significant growth, Mr Moore said.

PropTrack Senior Economist Eleanor Creagh Tasmanian home prices have seen extraordinary growth in recent years.

In 2021, house prices rose at the third-fastest pace in more than 120 years, Ms Creagh said.

Looking ahead to 2023, Ms Creagh said rate hikes – although not the only factor – would continue to be the main reason for the fall in house prices.

“A significant reduction in borrowing capacity implies further price declines,” she said.

“But once interest rates peak, which is likely to happen next year, I would expect prices to stabilize and activity in the market to pick up as confidence returns.

“History is not an indicator of the future, but historically, the downturn in the price cycle has been less than the ongoing upswing.”