The Kingston Market
The property market is booming which has created a high demand for designing new homes in the Kingston area. Kingston is a highly sought after beachside location. Kingston is also the southern suburb we have completed the greatest number of projects in during 2021 and it does not appear to be slowing for 2022.
Real Estate Institute of Tasmania (REIT) Suburb Report Findings
Recent data collected by Real Estate Institute Tasmania (REIT) suburb reports indicates the median house price for homes in Kingston rose to $710,000 in 2021, a significant increase from the previous year where the median house price stood at $545,000, an increase of over 30% from the previous year and a whopping $165,000 median price increase. The price of units in Kingston have also increased over the past 5 years. The median unit sales price for 2021 currently stands at $536,000, with an increase of around 20% and $89,000.
The value of land has also significantly increased with the median land price in Kingston at $295,000 in 2021. The 2020 year was somewhat lower with a median land price in Kingston around $240,000 indicating a 23% increase from the previous year and an increase of $55,000.
Median Prices Kingston 2015-2021
Year | House | Unit | Land |
2015 | $379,000 | $296,000 | $159,000 |
2016 | $400,000 | $305,000 | $164,500 |
2017 | $441,000 | $350,000 | $179,000 |
2018 | $517,000 | $356,000 | $210,000 |
2019 | $515,000 | $450,000 | $226,000 |
2020 | $545,000 | $447,000 | $240,000 |
2021 | $710,000 | $536,000 | $295,000 |
The Prime Design team in Hobart have been completing designs for lots of projects in the Kingston municipality including new homes and home extensions. The recently announced first home owner government grants announced by Premier Peter Gutwein on 1st March 2022 means that we anticipate that the building industry will continue to be very busy to keep up with the supply and demand of housing within the state. You will need to check your eligibility for the government grants available to see if you qualify however, it is anticipated that thousands will benefit from the scheme which is estimated to be valued at over $1.5 billion to help assist with Tasmania’s housing shortage and help encourage first home buyers into the housing market.
A recent article written by the local ABC on Kingston’s Population Growth Exceeding Infrastructure highlights that “the area of Kingborough, South of Hobart is the fastest growing municipality in Tasmania” as a result, driving up the value of properties and land in the area.
At Prime Design our office in Moonah is available by appointment to discuss your design needs for a new home or extension in the Kingston area and surrounds. Our team work with you through the entire process. We organise any applicable planning and building applications as well as the necessary sub-consultants who generate additional reports such as energy assessors, surveyors, and engineers to name a few. Please contact us by filling in our enquiry form or call us to organise an obligation free fixed price quote.