2018 - A property year in review

I thought it would be of interest to review the past 12 months, and provide a longer term perspective of the Devonport property market, something I look forward to doing regularly in future years - who knows how things will look 12 months from now?

So, some top line numbers. During 2018 some 196 properties were transacted across the Devonport peninsula (Devonport / Narrow Neck / Stanley Point). Of these the vast majority were family homes (149 or 76% of the total), a further 27 Units were sold with 10 Apartments and 10 Townhouses.

When compared to prior years, transactions levels were low. At 196 sales, this total was only the third time in the past 26 years that sales have fallen below 200.

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In terms of property prices; the median price for all the sales in each of the calendar years of the past 26 years shows a predictable rise over the long term as seen in the chart below. However the median sale price for all sales in 2018 fell from a year earlier at $1.51m, down from the record high of $1.64m in 2017.

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The 196 properties sold in 2018 added up to a total sales value of $348 million. The single highest sale price was $10 million and the lowest recorded sale price was $465,000.

The following analysis highlights the top 10 streets of Devonport by the measures of highest average price (this is limited to streets with 3 or more sales in the past year), the total sales value of all property sales and the streets with the most sales.

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By reference the most active streets in Devonport by measure of the number of property sales over the past 15 years are in order: Stanley Pt Road (the Devonpark apartments certainly influence the total), Vauxhall Road, Ngataringa Road, Lake Road, Victoria Road, Church Street, Aramoana Avenue and Calliope Road.

Based on this comparison it looks like Queens Parade has been especially active in the past year with 3 sales of units at number 16 contributing to the overall sales. Ewen Alison also has been more active, with 7 sales comprising a couple of sales of units and the sale of number 24 twice. At the same time Calliope Road with just 4 sales was a surprising omission from the Top 10 streets for sales for 2018.


HOUSE SALES

With 75% of all sales in Devonport being family houses it is always appropriate to examine this sector in isolation given the largely uniform nature of this housing stock with such a strong heritage component.

A total of 149 houses were sold in the past year in Devonport with a total sales value of $294 million. Just as with overall property sales this total is the 3rd lowest since 1992.

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Just as the median sale price of property in 2018 showed a fall from a record high in 2017, so it is with house sales. The median sales price for houses fell from $1,750,000 to $1,670,000. However this still represents a more than doubling in median sales price compared to 10 years ago when the median sale price of houses in 2008 was $800,000.

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