Tasmania recording its largest cumulative value of residential sales in 2025, over $6.695bn, says REIT president Russell Yaxley. Picture: Supplied
Tasmania’s property market has achieved something that it never has before.
The Real Estate Institute of Tasmania’s new report reveals the total value of properties sold last year tipped the scales at over $6.695bn.
This was a 12.4 per cent increase compared to 2024’s total.
The state’s total exceeded $6bn once before in 2021, but for the past few years it has been between $5.3bn and $5.9bn.
The 2025 wrap-up in the December quarterly report also showed a record number of $1m-plus homes sold last year.
In 2025, 956 transactions exceeded the million-dollar mark. Just a decade ago, in 2016, there were 100 sales at this level.
The 956 sales represented a 12.7 per cent increase compared to 2024, with 79.9 per cent of these transactions made by Tasmanians.
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Interstate buyers were active in the market, with REIT statistics showing 1886 transactions and 43 per cent growth.
The split between interstate-based investors and those who purchased property to relocate to Tasmania leaned slightly higher for the latter, who made 56 per cent (1207) of these transactions.
Investors purchased at a median of $500,000, while those moving here had a median price of $622,000.
Real Estate Institute of Tasmania president Russell Yaxley. Picture: Supplied
REIT president Russell Yaxley said 2025 was steady through three-quarters of the year, with a “fast finish”.
“I wouldn’t call it a boom, but the last quarter was certainly strong,” he said.
The report showed first homebuyer numbers (1853) were down by 5.2 per cent or 101 transactions compared to 2024.
Mr Yaxley said these FHB figures were a surprise.
“Based on the opportunities like grants and duty exemptions to assist people into the market, I expected to see stronger results,” he said.
“Perhaps they are being beaten to the stock by investors — we can’t say for sure.”
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Meanwhile, foreign buyers remained a tiny part of the Tasmanian market, accounting for less than half of 1 per cent of all sales (46 purchases) at a median price of $800,000.
Investment activity increased by 46 per cent to 1886 sales over the past 12 months.
It was up by 84 per cent compared to 2023 results.
No.34 Coolabah Rd, Sandy Bay is for sale with Petrusma Property priced at $1.295m-plus. Picture: Supplied
However, the report found that many of these acquisitions came from existing rental stock where landlords have opted to exit the market.
The median investor purchase is $500,000.
Greater Hobart saw a 5.5 per cent increase in house transactions (2115) and a 2.2 per cent increase in the median price ($746,000).
Launceston house sales grew by 8.9 per cent (1096), while the median price increased from $560,500 to $627,850.
On the North West Coast there were 880 sales, an annual increase of 2.6 per cent.
It recorded the strongest median price growth among the regions, up 10.3 per cent, from $485,000 to $535,000 over the year.
Elders Real Estate has No.3 Staff Rd, Electrona on the market for $865,000-plus. Picture: Supplied
Mr Yaxley said it’s pleasing to see that confidence has returned to the market.
“Demand is increasing; the number of properties for sale and rent is shrinking; properties are taking less time to sell or rent; and multiple-offer situations are arising more frequently,” he said.
“Given the strength of our buyer and rental demand and diminishing stock levels, we expect the upward pressure on prices and rents to continue.”
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