Property prices in Tasmania are set to improve this year as the Australian housing market gets back on its feet, a real estate analyst has argued.
Adrian Kelly, Real Estate Institute of Tasmania (REIT) president, told the Tasmania Examiner that property volumes in 2011 were some of the lowest he has seen in seven to eight years, although value had remained relatively stable.
The number of houses being constructed across the state also dropped by more than 1,000 as the industry struggled to deal with economic pressures.
Mr Kelly said positive results near the end of the year indicated the potential for recovery in the market.
"Fingers crossed, if the results we saw in the October quarter continue…it should be a case of coming back out of the bottom of the market," he added.
ABC News reported recently that Tasmanian Greens MP Tim Morris has called for tax reform in the island state, suggesting changes in the conveyance on property sales could stimulate the market.
Posted by Steve Douglas
