Sold in five days. Quicker than a mainland delivery to Tassie.

As soon as I saw the listing for 9 St Canice Avenue, Sandy Bay (for context: 5km from Hobart’s CBD and the state’s second most expensive suburb) hit the market I knew it was destined for the pages of Home Hunt.

Not least because of my own bias and love for mid century architecture (those geometric lines and windows are a balm for the soul) but because it’s a known double whammy for readers. There is an insatiable love for Tasmanian only equalled by a curiosity and appreciation for mid-century architecture.

How do I know this? They tell me, over and over. As do my editors.

But I’m sorry to report that 9 St Canice Avenue will NOT be appearing in print because it’s been sold, after its first open.?

Now this hasn't happened (in Tasmania at least) since the peak of COVID, when properties were selling like the proverbial hot cake, prices were rising annually in double-digits and the most in demand suburbs had on market metrics of less than a week.

During this time featuring most Tasmanian listings that were in a good location and well-presented, was near impossible. Under $1 million, prestige, you name it, snapped up. Everything was selling before we went to print and it was a stressful time (I’m not saving lives but reader complaints can be cutting).

When 9 St Canice sold this week after just one open, I wasn’t surprised, but I was. Know what I mean?

I wasn’t surprised because of the property. But I was surprised because … Tasmania.?

My observations (and the data) show it’s been a bit of a slog for the Apple Isle since property values peak in March 2022. Values are down 12.6% in Hobart while days on market have blown out by two weeks to an average of 40 days.?And let's not go down the rabbit hole of prestige property, because there are some properties lingering on the market longer than those guests who always overstay their welcome.

So, what’s going on here then? Let’s look at the attributes.?

?? Four-bedrooms, three-bathrooms

?? 1161sqm block

??5km from the CBD

?? Price guide of $1.65 million-plus.

You can see why Sydneysiders might be enamoured with Tassie property, right?

You can see the listing here: https://peterswald.com.au/listings/residential_sale-R2-4398647-sandy-bay

Its mid-century design, perfectly preserved, was a Rod Cooper original. Cooper was, as author Lorraine Dooley wrote in a book on the family, a fifth generation Tasmanian who came from a long line of stonemasons, builders and architects who had contributed to the state’s built heritage since 1855.

This home had the textbook mid-century clean lines, timber accents, a feature brick fireplace and expansive glazing, with views of the River Derwent.

And here’s the clincher, it’s the first time it’s changed hands since it was built in 1966. One family, almost 70 years. Good properties are held for a reason.

Peterswald’s selling agent Phoebe Nothling was not surprised by the level of demand, given how special the property was.

She puts it down to the appreciation among buyers for the architecture, how well the original detailing had been maintained and preserved, the 180-degree water view (breathtaking), the land and location. In the few days it was on the market she had about 50 groups through the door and a handful of offers, with the final price while undisclosed was ‘well in excess’ of the guide.

It's a great news story for the Hobart property market, but what can we take away from this example? Is the market turning, is this a green shoot, signs of renewed confidence?

Of course not. One sale does not make a trend.?

While I agree that an interest rate cut, this month or in May, will boost confidence and push some fence sitters into the market, it's likely to only make a small impact while the sale of this particular home is an outlier.

Buyers are still stretched, if they can borrow at all, affordability remains an issue and there’s still plenty of listings for buyers to take their sweet time over (although in Hobart’s case, total listings are finally down almost 10% on the same time last year).

This was simply a glorious example of a great property. Recognised for its rarity, unique architectural qualities, location (500m from Nutgrove Beach), cafes and the CBD (despite the peak hour grind), block size and price point.

It ticked so many boxes, astute buyers knew it wasn’t a property they’d see come on the market again for a while, possibly in their lifetime.

If anything, it’s a demonstration of the power of a unique and special property, that holds broad appeal no matter what the market conditions.

#Housing #MidCentury #Tasmania #RealEstate #Property