Tasmanian property prices have soared as the region’s markets boom

Home prices in regional Tasmania have never been better than they are right now.

New figures from PropTrack show that the entire Tasmanian market – excluding Greater Hobart – has a median house price of $566,000.

This is up more than 10 percent compared to the same period last year, adding $57,500 to the average price.

In Launceston and the North East, the Home Price Index showed a growth of 12.2 per cent to $577,000.

In the West and Northwest, the median rose 10.7 percent to $537,000.

And in the Southeast region, annual growth of 6.4 percent took the median price to $614,000.

The most expensive Hobart home has reached $718,000, following annual growth of 9.2 per cent. It is just 0.2 percent shy of setting a new stop price.

PropTrack economist Eleanor Creagh said if the Hobart market continues to grow at its current pace, it will soon reach new highs.

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No.4 Rossmoyne St, Norwood sold for $670,000 in February. Photo: realestate.com.au

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No.101 Normanstone Rd, South Launceston is listed by Harcourts for $1.145m-plus. Photo: realestate.com.au

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Back in the north, Harcourts Launceston director Jeremy Wilkinson said the capital’s northern property market was “surprising at the moment”.

He said high-end homes are selling faster than ever.

“And properties in the affordable market are flying,” he said.

“I sold one in Youngtown for $980,000, I got 10 properties, and it was on the market for a week.

“There were 60 groups at the open houses.

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Mr Wilkinson said that for houses under $800,000, half are bought by investors, 25 per cent by first-time buyers and 25 per cent by local people upgrading or downsizing.

“Launceston has been on the radar of investors for the past six months,” he said.

Launceston homes rose 12.69 per cent to a median of $605,485, according to PropTrack.

Units rose 9.81 percent to $497,822.

No.70A Nicholls St, Devonport sold for $530,000 in February. Photo: realestate.com.au

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No.46 Bushland Ave, Hawley Beach is for sale for $1.199m through One Agency Collins. Photo: realestate.com.au

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In Devonport, the median home price rose 11.36 percent to a median price of $560,637 last year. Units grew 6.19 percent to $439,548, the report said.

Agency Collins Real Estate senior consultant Leigh Jordan said the figures reflected what was happening on the ground in Devonport.

“It’s very busy this way right now,” he said.

“Our market is very hot, especially for properties under $600,000.

“We’re seeing a lot of offers in a lot of places and, that’s driving up the prices,

“Most investors are active, with a sprinkling of first-time home buyers, too.”