Eleanor Creagh says Hobart could have a new benchmark home price soon. Picture: Supplied
Hobart is mere millimetres away from setting a new peak home price benchmark.
The latest PropTrack Home Price Index shows the city’s dwelling values — houses and units combined — are 0.2 per cent below the record, which was set in February 2022.
The median is now $718,000, with $62,500 of growth over the past 12 months (9.2 per cent).
Hobart recorded 1 per cent growth in February, the largest increase among the capital cities.
The median house price in Hobart is $779,000, up 10.3 per cent annually. Units grew by 5.2 per cent to reach a $592,000 median.
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PropTrack senior economist Eleanor Creagh If growth continues at its current pace, Hobart will reach a new peak.
“We saw Hobart beginning to recover last year,” she said.
“And we’ve seen that buyer demand has picked up.
“Stock on the market is very limited, down 30 per cent year-on-year and demand seems to be a combination of investors and owner occupiers.
“Hobart’s recovery could be fragile, but the stock market is very low, so that has provided a floor to prices.”
No.357 Strickland Ave, South Hobart is listed with Fall Real Estate at $975,000-plus.
The report showed Hobart’s median house price is $779,000, up 10.3 per cent annually. Units grew by 5.2 per cent to reach a $592,000 median.
LJ Hooker Pinnacle Property managing director Simon Parsons said there are varying conditions across different price brackets in Hobart.
“We saw an unexpected surge in the mid-market segment from around November last year, while lifestyle properties did not experience the same level of activity,” he said.
Mr Parsons said Hobart’s first homebuyer segment is typically strong, and this remains the case in terms of attendance at open homes.
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Simon Parsons, managing director of LJ Hooker Pinnacle Property.
However, since November, he said there has been a noticeable return of investors to the Tasmanian market.
“Many investors and buyers’ agents are targeting the same properties as first home buyers,” he said.
“They are generally aware of first home buyers’ financial limits and will often bid just above those thresholds, effectively reducing competition.
“Lifestyle properties — generally those priced above $1.3m — have not seen the same growth as the lower to mid-market segments.
“Pricing and days on market have remained similar to last year, and I expect this segment to remain relatively stable throughout 2026.”
No.6/12 Wilmot St, Hobart is for sale with Harrison Agents for $1.275m-plus.
Mr Parsons said the most important factors that influence Hobart’s housing market trajectory include government incentives, interest rates, rental legislation, and changes to taxation settings.
“These factors are likely to shape the mid-market throughout 2026, either positively or negatively,” he said.
“Demand for lifestyle properties is more closely tied to broader economic health and market stability.
“Buyers in this segment typically need confidence that their purchase will hold its value in the short term.”
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