Home Price Index breakdown: Property values in TAS right now

November 2024

Hobart beat the other capital cities to record the highest monthly growth of 0.43% in November, according to PropTrack's latest Home Price Index. The home median price of $682,000 is the second lowest in the nation after Darwin, at $511,000.

“It is the first time Hobart has recorded positive annual growth since October 2022,” REA Group senior economist Eleanor Creagh said.

“Even so, Hobart remains the weakest capital city market when comparing change from peak, with prices down 7.22%, despite having recovered a fifth of their decline in the past seven months.”

This four-bedroom house for sale in West Hobart in Hobart's west is on the market and open to offers over $935,000. Picture: realestate.com.au

Hobart median home prices have declined over the last two-and-a-half years, but continued to recover in November and now sit 1.33% higher than the same time last year.

Regional Tasmania recorded a monthly price growth of 0.65%, the second highest after South Australia, which recorded 1.06%.

Over the year, price growth was up 2.95% with the median value sitting at $520,000. Regional Tasmania is the third cheapest region to buy in, after regional South Australia, where the home median value is $454,000, and regional Northern Territory, $410,000.

October 2024

Hobart prices were flat in October, with the median dwelling price remaining at $683,000, according to PropTrack's latest Home Price Index. 

There was no change in monthly growth and prices were also 0.93% below October 2023 levels. 

“Hobart remained the weakest capital city market when comparing change from peak, with prices down 8.40% following their two-and-a-half-year decline, despite having recovered a tenth of their decline in the past four months,” says REA Group senior economist, Eleanor Creagh.

Hobart was the only capital city, besides Melbourne and the ACT, to see the growth rate drop over the year.

In comparison, Melbourne house prices were down 1.49%, and the ACT dipped 0.09% since October 2023.

This three-bedroom house for sale in Rokeby in Hobart's east is on the market with an asking price of $721,700 Picture: realestate.com.au

When considering the capital cities combined, prices have climbed a further 0.28% in October, and increased 5.85% over the past year.  However, price performance remains mixed across Australia.

Regional Tasmania outperformed Hobart, with the monthly growth rate up 0.12% over October. Year-on-year prices increased 1.46%, with the median dwelling price sitting at $521,000.

In general, the performance of the housing market has varied widely across regional Australia.

“Significant regional disparities persist in the pace of growth, with differing supply and demand conditions driving varied performance,” Creagh said.