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NewsReal Estate Institute of Tasmania president Tony Collidge says Tasmanian first-time buyers are struggling to find properties By Michelle WisbeyJanuary 3 2017 - 6:00pmBy Michelle

WisbeyJanuary 3 2017 - 6:00pmFacebookTwitterWhatsappEmailCopyFirst-time buyers struggle First-time home buyers are becoming frustrated with a lack of affordable real estate options in the

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Institute of Tasmania president Tony Collidge, Launceston is almost the “investment capital of Tasmania”, making it harder for new buyers to find an affordable home. 

“The vast majority of first-time buyers are buying at the bottom end of the market and they’re in competition with investors,” Mr Collidge said. 

“You’ve got investors fighting first-home buyers for property and often properties are selling over the asking price simply because of the demand.” 

In the year to October, Tasmania topped $3 billion in sales, up from about $2.8 billion in the previous year. 

According to the REIT’s monthly report for November, the number of transactions was down significantly on the North-West and in Launceston when compared to the previous year.

There was a drop in the number of first home buyers in Northern Tasmania, but in the North-West, numbers rose from 187 to 211. 

“I think any support shouldn’t be by way of a grant, but by way of stamp duty rebates so that then it doesn’t directly impact prices and people can’t go and up their prices,” Mr Collidge

said.

“The old scheme has served its purpose and it’s helped the building industry get on its feet, which is what it is designed to do.”

But Mr Collidge said overall in 2016, there had been a steady improvement for real estate, but this changed depending on the region.

“Inner Hobart has just been hectic as it has been over the last 18 months to two years and there’s a real shortage of stock,” he said.

“Talking to agents on the North-West Coast and talking to agents in Launceston, the level of stock is nowhere near as high as it was.”

In the year ending October 31, 2016, it was recorded that 2759 homes were sold in the North of the state compared to 2661 the previous year.

In the North-West, 1897 properties were sold compared to 1458 in 2014-15.

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