Selling in Westbury – money, but not in a hurry

by Sharon Webb

HOUSE PRICES in Westbury have jumped a whopping 47 per cent in 2020 this year, but they’re on the market twice as long.

Statistics from the Real Estate Institute of Tasmania show that people assuming the proposed new prison means Westbury houses are selling within the rumoured three days are wrong.

What the trends do show is a jump in the median price for a house from $278,000 in 2019 to $408,500 in 2020.

The maximum sale price until August this year was $900,000; the minimum, $229,000.

And more houses will be sold in Westbury in 2020 than in 2019. By the end of August, 16 had been sold compared with 18 for the full year of 2019.

But houses are hanging around on the market longer, with an average of 29 days this year compared with 15 days in 2019, and 20 in 2018.

In comparison, Westbury’s unit sales, land sales and rentals are similar to 2019.

Trends in unit sales are difficult to compare because until August only one was sold, but the price of residential blocks has dropped by 13 per cent, taking the same time to sell as last year.

Rental numbers are roughly on a par with 2019 but 8.3 per cent up in price.

While Westbury is all about increased house prices, Deloraine is about land sales

Residential block prices are up 38 per cent and 18 were sold up to August 2020 compared with only 12 in the whole of 2019.

2019. Blocks are also selling faster in 2020 than in 2019, although still relatively slowly. Blocks took an average of 382 days in 2019 compared with 205 days this year.

In Deloraine house prices are up only 5.9 per cent this year, with a median price of $341,500 – but ultimately more houses will sell there this year compared with 2019. Already 36 houses have been sold in Deloraine in 2020, compared with a total of 37 in 2019.

Deloraine houses are taking longer to sell in 2020, averaging 53 days compared with 26 in 2019.

The top price for a Deloraine house up to August was $621,000; the lowest, $229,000.

Deloraine rentals appear to be down on 2019, with 36 houses and units rented until the end of August compared with 67 for the whole of 2019. Price are similar to those of 2019.

This information is taken from Real Estate Institute of Tasmania data.