State Government Provides $500 Million For Social Housing Whilst Market Is Most Expensive

Another record quarter for Hobart’s house prices, with the median price growing to nearly $650 000.

It comes as the housing market continues to surge after Domain reported a 6.6 percent jump for the June quarter.

Housing Booming: 

The Real Estate Institute reported sale numbers are a quarter higher than last year, and rent prices have increased by $25 across most regions.

President Mandy Welling said it's due to a lack of availability.

“We still have a huge shortage of stock at the moment and that’s what’s driving the market”, she said.

Senior Research Analyst Doctor Nicola Powell agreed and said, 

“Supply remains low compared to the buyer demand, which is ultimately placing continuing pressure on prices”.

On a lighter note, the State Government is set to contribute more than $500 million towards a social housing program.

Housing Minister Michel Ferguson said,

“As we all build more houses together, we are seeing us being able to better meet the demand that is really there”.

The Community Housing Growth Program was started last year and aims to build homes for 3500 Tasmanian households by 2027.

As part of the program, 2000 public housing properties will also be transferred to privately owned community housing providers.

Catch the latest headlines and your daily dose of news on The Briefing, with Tom Tilley and Jan Dran, Annika Smethurst and Jamilla Rizvi. Available on Listnr