The 3 months of September, October, November traditionally represent one of the two most active periods of the property year with a real sense of Spring, heading into great Summer weather which tends to infect the property market with a strong shot of adrenalin. This year, whilst overall activity is not as high as has been the case as compared to say 2015, we are seeing growing sales volumes of properties sold in Devonport and strength of median prices clearly indicating a strong buyer demand.
Total property sales in the 3 months to November at 66 contributed to the current annual total of 225 property sales up 10% on the same period last year. Whilst at the same time median prices of all property types across Devonport continued what has been a positive trend rising 17% in the past 3 months to $1.583m.
The market of investment and owner-occupied units in Devonport continues to come off what was a strong market through much of the past 18 months, but recent months have seen a significant slow down in the level of sales. With just 4 sales in the past 3 months adding to a year-to-date total of 28, which represents a 20% fall as compared to this time last year.
As the volume has come off this segment of the Devonport market, the median price has eased considerably sitting at a level of $866,000 now for the past 3 months and representing a figure almost identical to November last year, a far cry from the heady market rises seen during 2016. As the market has cooled so has availability, although in such tightly held markets it is often the result of a lack of listings which precipitate the lower sales, time will tell going into 2018.