The Real Estate Institute of Tasmania's quarterly property market report suggests there has been a softening of the market in 2022, but a shortage of property for sale will continue to keep pressure on prices.

REIT President Michael Walsh said affordability in both rental and sales markets can only be addressed by supply. 

"Price growth had slowed but so has the number of properties coming onto the market. We are told that buyer enquiry levels and open home participation levels have dropped," he said.

"World unrest, the upcoming Federal election, rising inflation and interest rate increases have buyers and sellers cautious.

"The affordability level of both our sales and rental markets can only be addressed by increases in supply. Unfortunately, there is no quick fix."

According to the report, Hobart's house sales decreased for both the quarter (-18%) and year (-8.9%).

Despite this, The Tasmanian median house price increased 1.7% for the quarter to $610,000 - an increase of 31.3% on March last year.

Hobart's median house price increased 5.8% for the quarter and is up 31.5% on the past 12 months.

Tasmania House Prices

Median House Price Change quarter on quarter Annual change
Hobart $820,000 5.8% 31.5%
Launceston $577,000 -3.8% 37.5%
North-West Centres $453,500



Tasmania $610,000



Source: REIT

Tasmania Sales Volumes

No. sales March quarter Change quarter on quarter Annual change
Hobart 459 -18.0% -8.9%
Launceston 279 3.7% 0.7%
North-West Centres 228 -20.8% -20.6%
Tasmania 1868 -6.4% -10.5%

Source: REIT


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Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.


Image by Fidel Fernando via Unsplash

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