New research by REA Group economist Anne Flaherty showed Herdsmans Cove was Hobart’s best performing suburb in the March quarter. Picture: Supplied
An area in Hobart’s northern suburbs has outperformed its pricier neighbours by a wide margin.
New PropTrack figures show the median value of houses in Herdsmans Cove, Gagebrook and Bridgewater shot up by between 9 and 10 per cent in the March quarter.
Meanwhile, the report revealed values in $1m-plus suburbs Acton Park and Mount Stuart dipped by 1 per cent, while Sandy Bay sat flat with no change in the three-month period.
The median value in Herdsmans Cove is now $497,607, up from $452,331 in the previous quarter, and $395,577 in March 2025.
Gagebrook also rose by tens of thousands, jumping from $448,563 to $488,907.
In Bridgewater, the December median house value was $499,214 and by March it reached $541,812.
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When AWN Property’s Jason Harbottle first brought No. 10 Crosby Pl to market, he may never have guessed an avalanche of inquiry was heading his way.
The property representative said he could have sold the Herdsmans Cove home 11 times over.
“The first 48 hours were impossibly busy,” he said. “It was an out of the box experience.”
No. 10 Crosby Pl, Herdsmans Cove.
No. 10 Crosby Pl, Herdsmans Cove.
Mr Harbottle said before they went to market, as is, they were expecting a sale in the high $400,000s.
“The owners got to work presenting it in the best possible light: new carpets, new paint, and they tidied up the gardens.
“This changed how the market saw this property. It sold for $547,000.
“Increasingly, buyers are time poor, or they don’t want to battle the rising costs that come with a renovation.
“It was important to the owners that we sold to a local if we could. And while there was interest from investors, downsizers and buyer’s agents, it was bought by a Tasmanian family.”
The report showed Hobart’s best results came from Herdsmans Cove, Gagebrook, Bridgewater, Goodwood, Claremont, Chigwell, Sorell, Midway Point, Risdon Vale, and Austins Ferry — primarily areas in the northern suburbs.
This came as no surprise to Mr Harbottle, who said the same fundamentals were evident across many of these areas.
“Investors can get a 6 per cent return on their investment and first-home buyers are active in the same price range, too,” he said.
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No. 165A Abbotsfield Rd, Claremont is priced at "Offers over $575,000" with LJ Hooker Pinnacle Property. Picture: realestate.com.au
Peterswald listed No. 5 Hakea Crs, Gagebrook for sale at $475,000-plus and it is under offer. Picture: realestate.com.au
REA Group senior economist Anne Flaherty said values rising in Hobart’s less expensive areas was to be expected.
She said ongoing affordability constraints are pushing a larger share of buyers into Hobart’s more affordable suburbs.
“This tends to concentrate demand at the lower end of the market, supporting stronger short-term price growth in these areas relative to more expensive suburbs,” Ms Flaherty said.
The report analysed the results of 51 greater Hobart suburbs, with 16 showing flat quarterly growth between 1 and -1 per cent.
Six suburbs have a median value over $1m, however, five of them were ranked in this flat growth bracket.
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PRD Hobart has No. 40 Cobbs Hill Rd, Bridgewater listed for sale. Contact agent for price. Picture: realestate.com.au
No. 48 Renfrew Circle, Goodwood was listed by Fall Real Estate at $695,000-plus and is now under offer. Picture: realestate.com.au
“It wouldn’t be surprising to see price growth continue to moderate over the next quarter,” Ms Flaherty said.
“Rising inflation, the prospect of further interest rate increases, and global uncertainty stemming from the Middle East conflict are all weighing on buyer sentiment and borrowing capacities.
“These factors could dampen demand resulting in more modest price rises, or even falls, across the market.”
| MARCH QUARTER HOBART HOME VALUES | ||
| SUBURB | MEDIAN VALUE | QUARTERLY GROWTH |
| Herdsmans Cove | $497,607 | 10% |
| Gagebrook | $488,907 | 9% |
| Bridgewater | $541,812 | 9% |
| Goodwood | $615,779 | 6% |
| Claremont | $642,230 | 6% |
| Chigwell | $590,354 | 6% |
| Sorell | $731,992 | 5% |
| Midway Point | $696,745 | 5% |
| Risdon Vale | $543,019 | 5% |
| Austins Ferry | $715,025 | 5% |
| Glenorchy | $652,653 | 5% |
| Berriedale | $672,059 | 5% |
| Montrose | $688,187 | 4% |
| North Hobart | $893,913 | 4% |
| Brighton | $676,203 | 4% |
| Primrose Sands | $546,876 | 4% |
| Mornington | $661,682 | 4% |
| Warrane | $626,991 | 4% |
| Dodges Ferry | $697,413 | 4% |
| Rosetta | $726,938 | 4% |
| Lutana | $688,476 | 3% |
| Richmond | $942,104 | 3% |
| Kingston Beach | $938,552 | 3% |
| New Norfolk | $534,876 | 3% |
| Taroona | $1,008,427 | 3% |
| Moonah | $689,946 | 3% |
| Blackmans Bay | $856,537 | 2% |
| Geilston Bay | $773,372 | 2% |
| Lenah Valley | $845,362 | 2% |
| Howrah | $812,377 | 2% |
| Clarendon Vale | $505,905 | 2% |
| Lindisfarne | $817,098 | 2% |
| Granton | $859,857 | 2% |
| Old Beach | $768,086 | 2% |
| Margate | $839,862 | 2% |
| Lauderdale | $843,924 | 1% |
| Oakdowns | $774,248 | 1% |
| South Hobart | $886,805 | 1% |
| Sandford | $1,128,978 | 1% |
| Kingston | $778,871 | 1% |
| Rokeby | $594,270 | 1% |
| Carlton | $672,515 | 1% |
| Tranmere | $1,177,555 | 1% |
| West Hobart | $967,557 | 1% |
| Bellerive | $907,178 | 0% |
| Mount Nelson | $972,150 | 0% |
| West Moonah | $708,662 | 0% |
| New Town | $926,434 | 0% |
| Sandy Bay | $1,344,848 | 0% |
| Mount Stuart | $1,004,022 | -1% |
| Acton Park | $1,349,884 | -1% |
| Source: PropTrack quarterly AVM report |
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