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TASMANIAN real estate vendors are slashing asking prices to meet buyer expectations, latest figures reveal.
Real estate price analyst RP Data says that in some cases the cuts are more than twice what vendors would normally accept.
The biggest drops are on the West Coast, where asking prices between a vendor's first listing and the contract sale have slipped, on average, by 22.9 per cent in Zeehan and by 20 per cent in Rosebery.
The biggest fall in Hobart was in Sandy Bay, where the asking price has dropped on average by almost 10 per cent, which is the upper end of what is normally accepted.
List prices in the Huon Valley have fallen by up to 17 per cent.
The analysis is based on figures gathered in the 12 months to the end of September.
RP Data figures also show:
More homes sold in Devonport in the last year than any other suburb.
The median house price rose almost 17 per cent in Hadspen in the past quarter the highest growth in the state followed by Trevallyn, Claremont, Dover and Margate.
131 suburbs had negative growth in September.
The average time on the market rose by three days in September to 101 days, with the slowest time 209 days.
Almost 75 per cent of homes in Gagebrook are leased and the median house price is $148,125.
Real Estate Institute of Tasmania president Adrian Kelly said agents were realistically pricing houses in the slumped market.
"One of the messages the institute was getting out is: if property is not selling, your asking price might be too high," he said.
But Mr Kelly warned there was a "big difference" between a fall in list prices and a drop in actual property values, which had been fairly stable in Tasmania.
"In a very competitive market there will be some agents out there, especially inexperienced agents, who will over-quote a price in order to get a listing," he said.
Agents were quick to point out Tasmanian real estate had not seen some of the dramatic drops experienced by mainland states.
Strahan on the West Coast and Prospect in Launceston have experienced growth of almost 30 per cent in the past year the highest in the state.
They are followed by Beauty Point and Trevallyn in West Tamar, both with about 25 per cent growth.
Mr Kelly said agents had reported stronger sales during October and November, but official quarterly figures for this period would not be available until early next year.
Stable interest rates and a calmer national economy would reinvigorate Tasmania's property market in the coming year, Mr Kelly predicted.
But he warned it would be a difficult year for people seeking rental accommodation, with vacancy rates dropping to just 2.2 per cent.
"That's a pretty scary percentage when you're coming into a peak season for rentals," he said.
Mr Kelly hoped landlords would keep rental increases to under $10 a week, in an effort to keep dependable tenants.
RP Data figures showed the cheapest rental properties in Tasmania were available on the West Coast, for as little as $140 a week in Queenstown.
In the Greater Hobart area, Glenorchy units offered the cheapest rent with a median price of $188 a week.
They were followed by houses in Primrose Sands ($223), Clarendon Vale and Gagebrook ($235), then Claremont ($245).
The most expensive rental properties were in Battery Point ($520), Hobart ($515) and Sandy Bay ($470).
Real estate price analyst RP Data says that in some cases the cuts are more than twice what vendors would normally accept.
The biggest drops are on the West Coast, where asking prices between a vendor's first listing and the contract sale have slipped, on average, by 22.9 per cent in Zeehan and by 20 per cent in Rosebery.
The biggest fall in Hobart was in Sandy Bay, where the asking price has dropped on average by almost 10 per cent, which is the upper end of what is normally accepted.
List prices in the Huon Valley have fallen by up to 17 per cent.
The analysis is based on figures gathered in the 12 months to the end of September.
RP Data figures also show:
More homes sold in Devonport in the last year than any other suburb.
The median house price rose almost 17 per cent in Hadspen in the past quarter the highest growth in the state followed by Trevallyn, Claremont, Dover and Margate.
131 suburbs had negative growth in September.
The average time on the market rose by three days in September to 101 days, with the slowest time 209 days.
Almost 75 per cent of homes in Gagebrook are leased and the median house price is $148,125.
Real Estate Institute of Tasmania president Adrian Kelly said agents were realistically pricing houses in the slumped market.
"One of the messages the institute was getting out is: if property is not selling, your asking price might be too high," he said.
But Mr Kelly warned there was a "big difference" between a fall in list prices and a drop in actual property values, which had been fairly stable in Tasmania.
"In a very competitive market there will be some agents out there, especially inexperienced agents, who will over-quote a price in order to get a listing," he said.
Agents were quick to point out Tasmanian real estate had not seen some of the dramatic drops experienced by mainland states.
Strahan on the West Coast and Prospect in Launceston have experienced growth of almost 30 per cent in the past year the highest in the state.
They are followed by Beauty Point and Trevallyn in West Tamar, both with about 25 per cent growth.
Mr Kelly said agents had reported stronger sales during October and November, but official quarterly figures for this period would not be available until early next year.
Stable interest rates and a calmer national economy would reinvigorate Tasmania's property market in the coming year, Mr Kelly predicted.
But he warned it would be a difficult year for people seeking rental accommodation, with vacancy rates dropping to just 2.2 per cent.
"That's a pretty scary percentage when you're coming into a peak season for rentals," he said.
Mr Kelly hoped landlords would keep rental increases to under $10 a week, in an effort to keep dependable tenants.
RP Data figures showed the cheapest rental properties in Tasmania were available on the West Coast, for as little as $140 a week in Queenstown.
In the Greater Hobart area, Glenorchy units offered the cheapest rent with a median price of $188 a week.
They were followed by houses in Primrose Sands ($223), Clarendon Vale and Gagebrook ($235), then Claremont ($245).
The most expensive rental properties were in Battery Point ($520), Hobart ($515) and Sandy Bay ($470).
