Top end price growth continues apace for Tassie’s most resilient suburbs
While just over a year ago, Tasmania’s only two suburbs residing over an average of $1 million had remained as such for up to a decade. But the recent boom in our local industry since the pandemic has seen a slew of challengers emerge as contenders for the crown of Tasmania’s most competitive suburb.
While the key Hobart suburbs of Battery Point and Sandy Bay have long been considered amongst the safest of investments, the local real estate industry of years past are now subject to the steadily rising interest rates and costs of living in the state.
Given the gradual slowing of the property market around the country, it could be reasonable to assume that some of the recent additions to the $1 million median club here locally would soon see the effects of these trends. However, per the latest PropTrack Market Trends report, there may be more suburbs insulated from these trends than one would initially expect.
The eastern shore suburb of Tranmere has recorded the largest boost, moving a whole $300,000 to average $1.3 million to close out the year. Accompanied by Acton Park which also sits around the $1.3 million mark, the eastern shore has experienced a more than steady growth.
Over the river however, growth has remained at a somewhat stable rate. Due in part to the low levels of stock as the market quiets down over the break, the few sales in suburbs like Dynnyrne and Glebe have so far shown a consistent ability to demonstrate resilience against the national trends.
Tassie market growth leads the way
The recently released Real Estate Institute of Australia’s Real Estate Market Facts: A 20-year report 2002-2022, has revealed the astounding growth of the Tasmanian property market.
As per the report, over the 20 years measured within, the median house price in Hobart has grown by a whopping 269%. A staggering figure on its own, is even more so when compared to the rest of the country. As the next highest growth was recorded in Canberra at 166%, followed closely by 149% in Brisbane and 136% in Adelaide.
The story with units tells much of the same story. As Hobart once again was the national market leader by a huge margin with an enormous 277% surge. Followed not-so closely by Adelaide’s 98%, Canberra 97% and Brisbane at 61%.
National house medians 2002-2022
Hobart 269.1% increase to $790,000
Sydney 108.6% increase to $1,552,015
Melbourne 97.1% increase to $1,072,500
Brisbane 149.2% increase to $758,875
Adelaide 136.9% increase to $663,000
Perth 75.4% increase to $540,000
Canberra 166.9% increase to $1,000,000
Darwin 78% increase to $586,000
Hobart median house prices throughout the years
2002 - $214,000
2007 - $446,000
2012 - $465,000
2017 - $490,000
2022 - $790,000
Source: Real Estate Institute of Australia
What does all this data tell us about the upcoming year in the property
market? Will the countrywide trends finally find their way to our state? Only
time will tell. But there is one thing we can base our expectations on, the
single factor which has powered both the 20-year growth of Tasmania’s
property market and the post pandemic stability we have experienced. Limited
While the gradual sprawl of development out into Tasmania’s suburbs has
relieved an amount of pressure when it comes to population growth, the
highly sought-after inner-city suburbs will likely continue to grow.
With the final nail being driven into the hopes of the long-debated cable car,
the proposed Macquarie point stadium gaining momentum and the University
of Tasmania’s move into the city still up in the air, there are a number of
variables of which the conversation around their impacts can only be referred
to as conjecture at this stage.