Data shows Hobart’s most affordable and most expensive streets
Heather and Robert Noga who sold their property in Sandy Bay. Picture: Nikki Davis-Jones
BUYING a typical home on Hobart’s most expensive street is no easy task.
Set aside the price of entry, it is also a matter of how often they become available.
In new data from Ray White Economics, Sandy Bay’s Shepherd Street was declared Hobart’s most expensive street, however, only four homes were sold there in 2021.
In 2020 there were three sales, two the year before and three sales in this tightly held neighbourhood in 2018.
Petrusma Property agent Sam Monks said it was little surprise to see Sandy Bay dominate Hobart’s expensive list with three of the top five positions.
“Sandy Bay is the second-most searched suburb in Tasmania and it’s easy to see why,” he said.
“It enjoys proximity to some of the best schools in the state, the University of Tasmania, local amenities and Nutgrove Beach are just a few of the draw cards.”
No.29 Shepherd Street, Sandy Bay, sold in August for $1.702m by Petrusma Property.
No.1/7 Shepherd Street, Sandy Bay, sold in September for $1.218m by Knight Frank.
The data showed Shepherd St’s median price was $1.726m, higher than the suburb median of $1.338m.
Second place – Sandy Bay Rd – had a street median at $1.675. Fourth-placed Red Chapel Ave recorded a $1.411m median street value.
Neighbouring suburb Battery Point has a $1.609 median value and its highest priced street under the research methodology was Albuera St at $1.6015m.
About 20 minutes drive along the waterline, Tinderbox Rd placed fifth with a $1.4m street median.
Three Blackmans Bay suburbs made the Top 10 and recorded median values above $1m: Burwood Dr, Suncoast Dr and Tahune Crescent. Their street medians ranged from $450,000-$584,188 higher than Blackmans Bay’s $750,000 median.
Mr Monks said water views, large family homes and generously proportioned land sizes attracted buyers to the Blackmans Bay market.
While every street is different, Ray White Economics analyst William Clark said the most expensive and cheapest streets often have similar characteristics.
Mr Clark said two of the biggest factors were a street’s price and desirability.
He said access to parks, shops, views, schools, beaches, river frontage, large lot sizes, transport and even a suburb’s crime rate were contributing factors.
“Generally, an inexpensive street will be a busy street,” he said.
“It will be right on a main road and it will be typically really close or very far out from the city.
“Small lots sizes and a high proportions of ageing government-provided housing are also factors.
“It is a balancing act. But the expensive streets find the middle ground quite nicely.”
No.3 Shepherd Street, Sandy Bay, price not disclosed but sold in November by Knight Frank.
No.24 Shepherd Street, Sandy Bay. Sold in June for $1.75m by Peterswald for property.
Hobart’s least expensive street was Tottenham Rd, Gagebrook, at $275,000, just a stitch below the suburb median of $280,000 and one-sixth the price of Shepherd St.
Risdon Vale’s Laurel Street was No.2 at $300,000 (street) and $380,000 (suburb) while Gunn St, Bridgewater, was third at $303,500 (street) and $450,000 (suburb).
Mr Monks noted that while these areas offered buyers a more affordable option than other areas, they were hardly “cheap”.
“These suburbs have seen huge increases in value over the last five years, however, they still represent great value in comparison to the majority of greater Hobart’s suburbs,” he said.
According to realestate.com.au’s MarketTrends report, Gagebrook’s median house price has grown 125 per cent in five years. The growth was higher still in Risdon Vale – 142 per cent – while Bridgewater house prices have shot up 107 per cent.
“Downsizers, investors and first-home buyers are all fiercely competing in these lower price point suburbs,” Mr Monks said.
QUICK SALE AT A CRACKING PRICE
LISTED on a Thursday, sold on Tuesday — such is the demand for Hobart’s most expensive street.
When Heather and Robert Noga sold their five-bedroom family home in Shepherd St, it was the last page in a 26-year story.
In the 1990s they paid $397,500 for the property and following substantial improvements over the years, they sold it for $1.702m.
While the capital profit was “steady but sure”, the Nogas say, more importantly, they “enjoyed the home and neighbourhood”.
Heather and Robert Noga. Picture: Nikki Davis-Jones
The couple said Shepherd Street has a long list of attractive features including: it is not a through street; it is child friendly; the shelter from westerly winds by Lipscombe Avenue; and the views to the Eastern Shore and down the river.
“Visitors never failed to comment on the views from our home,” Mr Noga said.
“It is the views and neighbours that we will miss.”
Mrs Noga said another important attraction when buying in Shepherd Street was the proximity of infant, junior and senior schools, shops and cafes, the beaches and playgrounds.
“Everything is within walking distances for children, and parents, too,” she said.
While the couple noted that properties in this price range have a limited number of buyers, there was nonetheless a lot of interest in their home.
“We were happy with the sale price,” Mr Noga said.
“And we are just as pleased that we did not ‘rip off’ the purchasers, nor undervalue the property.
“We loved the property and we hope they do, too.”
HOBART’S MOST EXPENSIVE STREETS
Street, Street Median, Suburb Median
Shepherd St, Sandy Bay, $1,726,000, $1,338,000
Sandy Bay Rd, Sandy Bay, $1,675,000, $1,338,000
Albuera St, Battery Point, $1,601,500, $1,609,000
Red Chapel Ave, Sandy Bay, $1,411,000, $1,338,000
Tinderbox Rd, Tinderbox, $1,400,000, $1,400,000
Burwood Dr, Blackmans Bay, $1,334,188, $750,000
Carlton St, New Town, $1,250,000, $741,000
Suncoast Dr, Blackmans Bay, $1,200,000, $750,000
Tahune Crescent, Blackmans Bay, $1,187,500, $750,000
Cambridge Rd, Bellerive, $1,150,000, $830,000
HOBART’S MOST AFFORDABLE STREETS
Tottenham Rd, Gagebrook, $275,000, $280,000
Laurel St, Risdon Vale, $300,000, $380,000
Gunn St, Bridgewater, $303,500, $450,000
Lamprill Circuit, Herdsmans Cove, $318,000, $318,000
Fisher Dr, Herdsmans Cove, $335,000, $318,000
Finlay St, Bridgewater, $336,000, $450,000
Andrews St, New Norfolk, $337,500, $405,000
Fairfax Tce, New Norfolk, $345,000, $405,000
Benjamin Tce, New Norfolk, $345,000, $405,000
Bromley St, Bridgewater, $360,000, $450,000
Ray White’s methodology excluded streets without a minimum of three sales. Medians were calculated over the three-year period between November 2018-2021.