Seven Mile Beach homes sell in record time as demand surges
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In the bustling real estate market of Hobart’s Eastern Shore, Seven Mile Beach is emerging as a hot spot where homes are snapped up almost as soon as they hit the market. According to September figures from PropTrack, the median time it takes to sell a house in this sought-after suburb has plummeted to just 10 days. This is a significant improvement from last year when Seven Mile Beach was already the fastest-selling suburb in greater Hobart, with a median sale time of 22 days.
The swift turnover is not just limited to affordable properties. Luxury and aspirational homes are also attracting significant attention. Peterswald director Harry Coomer recently listed a property at No.30 Lewis Ave for over $1.45 million and received competing offers within just eight days. “It was purchased by a young local family, chasing a lifestyle shift,” Coomer explained. He attributed the property’s popularity to its architectural flair, noting that potential buyers were immediately drawn to its unique design. “People reached out immediately. They were wowed by how incredible it was,” he said. He added that many homes of this character in the area have been purchased by locals, ranging from middle-aged couples downsizing to families upsizing, describing them as the “best buyers.”
EIS Property managing director David Gunning shared a similar success story with the sale of No.42 Woodhurst Rd. Listed in the $1.7 million to $1.8 million range, the property was sold in about a week, right after the first open home. “Woodhurst sold very quickly, it was gone right after the first open home,” Gunning noted. The property attracted strong offers from two local parties in their 30s, both eager to secure the home. “I was surprised by just how quickly it sold,” he admitted. The property’s north-facing outlook, with views toward the golf course, was particularly appealing to buyers.
The rapid sales in Seven Mile Beach can be attributed to several factors. Coomer pointed out the suburb’s limited size and the relatively few homes available for purchase as key elements contributing to the fast sales. “There is strong desire for a community-based suburb, an area where you see children out riding their bikes and where families having Christmas get-togethers with their neighbours in the cul-de-sac — and you can find that in this area,” he said. He emphasised that while some areas in Hobart have lost their community spirit as the city grows, Seven Mile Beach retains these elements, making it an attractive place for potential homeowners. “This goes hand-in-hand with the beach lifestyle. I’d bet nearly everyone who lives there is walking on the beach at the weekend,” Coomer added, highlighting the calm and desirable pace of life the suburb offers.
Gunning echoed these sentiments, noting that the beach lifestyle is a significant draw for buyers. “And it’s only a 15 to 20-minute drive to the city,” he said. He also pointed out that the scarcity of homes on the market in Seven Mile Beach contributes to the high demand. “Not a lot of homes come to market in this suburb. But our last four or five sales there would have sold within weeks,” he explained. “Buyer demand is always strong.”
The competitive nature of the market is further underscored by economist Angus Moore, REA Group’s executive manager of economics. He explained that the time it takes for a home to sell is a good indicator of market competitiveness. “It captures both how much demand there is for homes, but also the availability of homes for buyers to choose from,” Moore said. “When homes are selling quicker, it suggests there are more buyers for any given home, and more competitive conditions.”
In comparison to other suburbs, Seven Mile Beach leads the pack with its 10-day median sale time, followed by Mount Nelson at 14 days and Mount Stuart at 16 days. This trend highlights the increasing demand and limited supply in the area, making it a prime location for both buyers and sellers looking to capitalise on the current market conditions. As the allure of beachside living and community spirit continues to draw potential homeowners, Seven Mile Beach is set to remain a highly sought-after suburb in Hobart’s real estate landscape.