Hobart property prices are on the rise, a report shows. Picture: Supplied
Just two cities recorded more monthly growth than Hobart in March.
New figures from PropTrack show a 0.38 per cent monthly uptick, which was only eclipsed by Sydney and Canberra.
It is welcome news for the southernmost capital after sitting at the bottom of the growth chart for years.
Hobart remains the most affordable city, aside from Darwin, with a median home value of $672,000.
That figure is still 37 per cent higher than at the start of Covid.
REA Group senior economist, Eleanor Creagh, expects home prices to lift over the coming months.
However, she said the rate of growth was likely to be modest.
“With affordability still a major constraint, the impact of further rate cuts will be somewhat tempered,” Ms Creagh said.
“Market sentiment has improved and buyers who had delayed purchasing decisions due to the sustained higher interest rate environment are likely re-entering the market.”
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Economist Eleanor Creagh.
Across all dwellings – houses and units combined – every region of Tasmania recorded annual growth figures.
This was led by the West and North West at 5.55 per cent, the South East 2 per cent, Hobart 1.78 per cent and Launceston and the North East was up by 0.99 per cent.
Hobart house prices gained 0.45 per cent monthly and 2.16 per cent annually to reach a median price of $712,000.
Regional Tasmania’s house values increased by 0.11 per cent in March and 2.84 per cent year-on-year to $549,000.
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Jasmin Rankin, founder of Hobart real estate advisory, Shepherd & Co, said stock remains an issue in Hobart, with people often unable to find what they need or desire.
Ms Rankin said, around the city and fringe, good quality homes that are accurately priced will find buyers quickly.
“Most are selling within a couple of weeks,” she said.
“Clients tell us they want a home that is ready to move into, rather than something that needs work.”
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While there are indications that the RBA will bring the cash rate back further this year, Ms Rankin said it’ll take more than a cut or two to make a noticeable impact.
She said rate decreases will help consumer confidence, and could be a driver for investors.
“From a serviceability perspective, people may be able to borrow more than they could six or 12 months ago,” she said.
Meanwhile, PropTrack figures show that buyers in greater Hobart had increased choice in February this year than in 2024.
Its listings report showed the total number of homes for sale was up by 2.4 per cent annually and by 4.6 per cent month-on-month.
New listings increased substantially between January and February, up 15.2 per cent. However, they were slightly lower (0.6 per cent) compared annually.
Regional Tasmania also recorded a monthly increase in new listings, up 11.2 per cent, and a yearly decrease of 5 per cent.
Total listings were up 9.4 per cent year-on-year and 3.2 per cent monthly.
| PROPTRACK HOME PRICE INDEX MARCH 2025 | ||||
| City | Monthly growth | Annual growth | Change from March 2020 | Median value |
| Sydney | 0.47% | 2.85% | 39.90% | $1,104,000 |
| Melbourne | 0.20% | -2.26% | 15.70% | $778,000 |
| Brisbane | 0.07% | 9.39% | 82.10% | $876,000 |
| Adelaide | 0.18% | 11.32% | 83.50% | $796,000 |
| Perth | 0.15% | 11.53% | 83.20% | $770,000 |
| Hobart | 0.38% | 1.78% | 37.70% | $672,000 |
| Darwin | 0.34% | 3.78% | 32.60% | $519,000 |
| Canberra | 0.54% | 0.42% | 36.70% | $834,000 |
| Source: PropTrack — all dwellings | ||||
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