Home Price Index breakdown: Property values in TAS right now

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.