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Tasmania records strongest market growth in 19 years
By Bianca Dabu
04 May 2021
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1 minute read
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Sales numbers across Tasmania surged by over 14 per cent in the first quarter, marking the strongest growth activity in the state since 2002.
New data from the Real Estate Institute of Tasmania (REIT) has revealed a 14.4 per cent annual rise in sales numbers in the first three months of the year, sending the cumulative value of sales to a record $1.45 billion, up 32.1 per cent on the year and the highest ever quarterly value recorded in Tasmania.
Of the 3,205 sales recorded, almost 85 per cent of all transactions were made locally by Tasmanians, while foreign buyers accounted for only 0.4 per cent.
“A lot of renters around Australia are in very bad situations,” says Joel Dignam of the advocacy group Better Renting.
“And that’s the combination of the protections expiring, the state of the rental market, particularly in regional areas, and of course, the cuts to income support from the federal government.”
Most states ended their bans on evictions last month – about the same time the government’s jobkeeper wage subsidy and boosted jobseeker payments also came to an end.
Not only can owners apply to have people evicted for rental arrears again, landlords can increase rents once more.
Dignam’s group estimated in November between 5% to 15% of tenants Australia-wide may have been in rental debt, which would equate to 324,000 to 973,000 people.