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Greater Burnie Economic Region

Housing valuation

At June 2018, Greater Burnie Economic Region had a median house valuation of $803,340, $329,696 higher than the median house valuation for Greater Hobart.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High housing prices usually indicate access to high-paid jobs and a very desirable area. However they can present issues in attracting and retaining key lower skilled workers. Lower housing prices indicate less demand and may be an asset for attracting people to live in the area. However they can also indicate lower paid and lower skilled jobs or a declining economy.

Housing prices often factor in a home ownership premium due to expected capital growth and the ability to customise the property, but rental costs are a more direct measure of the immediate economic value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2014-2018, Housing Valuation System

Housing values
Greater Burnie Economic Region20182014Change
Housing value (at June)Greater Burnie Economic RegionGreater HobartGreater Burnie Economic Region relative to Greater HobartGreater Burnie Economic RegionGreater HobartGreater Burnie Economic Region relative to Greater Hobart2014 to 2018
House--------------
First Quartile$647,361$350,650+84.6%$638,559$262,347+143.4%+$8,802
Median$803,340$473,644+69.6%$770,530$347,446+121.8%+$32,810
Third Quartile$1,042,539$636,810+63.7%$973,901$440,193+121.2%+$68,638
Unit--------------
First Quartile$578,042$268,188+115.5%$554,878$212,899+160.6%+$23,164
Median$675,507$336,308+100.9%$624,824$258,529+141.7%+$50,683
Third Quartile$770,564$420,954+83.1%$710,716$320,361+121.8%+$59,848

Source: Hometrack 2014-2018, Housing Valuation System.

Housing values, 2018
Housing values, 2018 Third Quartile, Greater Hobart: $420,954 Median, Greater Hobart: $336,308 First Quartile, Greater Hobart: $268,188 Third Quartile, Greater Hobart: $636,810 Median, Greater Hobart: $473,644 First Quartile, Greater Hobart: $350,650 Third Quartile, Greater Burnie Economic Region: $770,564 Median, Greater Burnie Economic Region: $675,507 First Quartile, Greater Burnie Economic Region: $578,042 Third Quartile, Greater Burnie Economic Region: $1,042,539 Median, Greater Burnie Economic Region: $803,340 First Quartile, Greater Burnie Economic Region: $647,361
Source: Hometrack 2014-2018, Housing Valuation System
Change in housing values, 2014 to 2018
Change in housing values, 2014 to 2018 Third Quartile, Greater Hobart: $100,593 Median, Greater Hobart: $77,779 First Quartile, Greater Hobart: $55,289 Third Quartile, Greater Hobart: $196,617 Median, Greater Hobart: $126,198 First Quartile, Greater Hobart: $88,303 Third Quartile, Greater Burnie Economic Region: $59,848 Median, Greater Burnie Economic Region: $50,683 First Quartile, Greater Burnie Economic Region: $23,164 Third Quartile, Greater Burnie Economic Region: $68,638 Median, Greater Burnie Economic Region: $32,810 First Quartile, Greater Burnie Economic Region: $8,802
Source: Hometrack 2014-2018, Housing Valuation System

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