Aerial view of the Hobart CBD and boats docked at port
This month, we turn the spotlight on Tasmania, the largest island of Australia, where Patrick Berry, director of 4one4 Property Co.—a member of Leading Real Estate Companies of the World® (LeadingRE)—shares his insights on the local market.
Tell us about your company. Patrick Berry: Our origin story begins back in 2006, and since our humble beginnings, we have grown from a small team of three agents to a team of 28. We transacted over $94 million worth of property over the past 12 months and manage 850-plus rental properties across the Greater Hobart area. We are not here to follow the norm; we don’t conform to the perception of corporate real estate; and we certainly don’t follow the cookie-cutter approach.
In-house, we design marketing strategies, produce podcasts, develop publications, create content, print signage, design apparel, build buildings, style homes, landscape property and host events. We get creative when connecting with homebuyers and sellers in order to build trust so that they know we can handle their greatest asset.
How would you describe your current housing market? PB: Our average home price is $500,000, and prices have been increasing by about 22% year-over-year for the past few years. As is the case in many markets, our inventory has been extremely low, but it’s starting to increase. We listed 43 properties in March, which equates to a nearly 110% increase on previous months.
What types of properties are popular in your market? PB: Our mission statement is clear: all types of property, for all types of people. We mainly sell single-family homes, townhouses and freestanding units. Our area is made up heavily of first-time buyers, young families and investors, and the average resident is a blue collar worker. With work from home becoming the norm, the No. 1 request in recent years has been a study or fourth bedroom.
What are some of the most important trends in your market? PB: We are seeing a shift toward investors selling their properties to make the most of the capital gains the properties have received in recent years. These homes have quickly been picked up by new investors entering the market and first-time homebuyers trying to exit the rental marketplace.
What are your biggest challenges/opportunities for growth? PB: We have been quite lucky over the past few years and have actually grown in a short period of time. We believe this is because of the culture we have created and the fact that our agency is built on the back of a strong technology/systems platform. Our systems currently generate six listing opportunities per day, and we are looking to boost this to around 16 per day. When it comes to challenges, what we have discovered is that by growing so fast, it has put pressure on our systems to keep up—and this is what we are currently working on.
Are you seeing much foreign investment—and, if so, from which countries? PB: Sadly, no. We used to see a large take-up from China and Hong Kong, but over the past few years, this has dropped, likely due to the tensions between China and Australia, along with COVID limiting travel.
What advice do you have for foreign buyers interested in buying in your area? PB: Speak to multiple agencies and educate yourself on the area wherever possible. Our website provides superb insights for the entire country, which can help identify trends along with areas offering good value for the money. We also produce a podcast each week called The Property Pod, where we try to help people understand our market and how to buy within it.
What do you love most about living in your area? PB: The fresh air and large areas of national park. Hobart is located on the river, which gives the city a great feeling, with most homes providing spectacular river or mountain views. Hobart is laid out in a way that gives it a feeling like San Francisco, and anyone who has been to both locations would definitely agree.
How does being part of LeadingRE help advance your business? PB: By being part of such a prestigious network, we have been able to showcase our homes not only to our local marketplace, but also the entire world. When pitching to clients, being able to showcase the network highlights our global reach.