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Tasmania's property market has emerged as one of Australia's most dynamic regions, with median house prices reaching $670,000 statewide as of September 2025. The island state offers significant price variations between premium areas like Sandy Bay ($1.4 million median) and budget-friendly towns like George Town ($362,000), making it an attractive destination for both investors and lifestyle buyers.
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Tasmania's median house price sits at $670,000, with Hobart leading at $710,000-$940,000 and regional areas offering entry points from $362,000.
Houses significantly outprice apartments, with stamp duty exemptions for first-home buyers under $750,000 creating attractive opportunities.
| Location | Median House Price | Market Position |
|---|---|---|
| Hobart | $710,000 - $940,000 | Premium capital market |
| Launceston | $550,000 - $585,000 | Northern hub value |
| Devonport | $476,000 - $510,000 | Coastal growth area |
| Regional Average | $517,000 - $555,000 | Affordable entry point |
| George Town | $362,000 | Budget-friendly option |
| Sandy Bay | $1,400,000 | Premium luxury market |
| Battery Point | $1,400,000 | Heritage premium area |
What's the current average property price in Tasmania?
Tasmania's statewide average house price reached $670,000 as of September 2025, positioning the island state as an increasingly competitive market within Australia's property landscape.
Hobart, the capital city, commands the highest prices with median house values ranging from $710,000 to $940,000 depending on the suburb. Launceston, Tasmania's second-largest city, offers more affordable options with median house prices between $550,000 and $585,000.
Regional markets provide the most accessible entry points, with towns like Devonport averaging $476,000 to $510,000, while the broader regional median sits between $517,000 and $555,000. George Town represents the most budget-friendly option at $362,000 median house price.
These figures reflect a market that has experienced consistent growth over recent years, driven by mainland migration, lifestyle buyers, and limited housing supply across the state.
How do prices vary between houses, apartments, and townhouses?
Houses command significantly higher prices than apartments and units across Tasmania's property market, with the price gap particularly pronounced in Hobart.
In Hobart, houses achieve a median asking price of $845,000, while apartments and units average around $496,000. For specific configurations, three-bedroom houses typically sell for approximately $770,000, compared to two-bedroom units at about $542,000.
Statewide, the difference remains substantial with houses averaging $670,000 compared to units averaging around $500,000. This pricing structure reflects the traditional Australian preference for detached housing and the relative scarcity of apartment developments outside Hobart's inner areas.
Townhouses generally price between houses and apartments, though specific data for Tasmania is limited. They typically appeal to buyers seeking a compromise between the space of a house and the convenience of apartment living.
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What are the most expensive areas in Tasmania right now?
Sandy Bay and Battery Point stand as Tasmania's most prestigious and expensive suburbs, with median house prices reaching approximately $1.4 million each.
North Hobart and similar inner-city Hobart suburbs consistently exceed $900,000 to $1 million for median house prices. These areas benefit from proximity to Hobart's CBD, heritage character, and established infrastructure.
Premium waterfront locations and established inner-city suburbs with historical significance command the highest premiums. Areas with harbor views, heritage listings, or proximity to the University of Tasmania campus typically achieve above-average pricing.
The concentration of high-value properties remains largely within Greater Hobart, with very few regional areas approaching these price levels.
Which areas are considered budget-friendly or up-and-coming?
George Town leads Tasmania's budget-friendly options with a median house price of $362,000, followed by Burnie at $450,000 and Primrose Sands at $458,500.
Glenorchy and outer Hobart suburbs provide affordable alternatives for buyers seeking proximity to the capital while maintaining lower entry costs. These areas benefit from ongoing gentrification and infrastructure improvements.
Launceston represents excellent value compared to Hobart, offering consistent growth potential at lower buy-in prices. The city's status as northern Tasmania's commercial hub supports long-term appreciation prospects.
Regional coastal towns are experiencing increased demand from lifestyle buyers and "tree changers" seeking affordable alternatives to mainland cities. This demographic shift is driving growth in previously overlooked areas.
First-home buyers and investors focusing on long-term appreciation are increasingly targeting these regional towns and outer metropolitan suburbs for their growth potential.
How do average prices differ between Hobart, Launceston, and regional towns?
| Location Type | Median Price Range | Market Characteristics |
|---|---|---|
| Hobart Central | $710,000 - $735,000 | Capital city premium, high demand |
| Hobart Premium | $900,000 - $940,000 | Inner suburbs, heritage areas |
| Launceston | $550,000 - $585,000 | Northern hub, good value |
| Devonport | $476,000 - $510,000 | Coastal, growing appeal |
| Regional Average | $517,000 - $555,000 | Lifestyle focus, affordable |
| Budget Regional | $362,000 - $450,000 | Entry-level, growth potential |
| Coastal Towns | $570,000 - $620,000 | Tourism appeal, lifestyle |
What is the price range per square meter or per land size?
Tasmania property pricing per square meter varies significantly by location and property type, with limited standardized data available compared to mainland markets.
In Hobart's core suburbs, median house prices of approximately $845,000 combined with typical land sizes of 600-750 square meters suggest pricing around $1,300-$1,400 per square meter of land. This calculation provides a rough guide for comparative purposes.
Apartments typically achieve higher per-square-meter pricing due to their density and prime locations, though specific figures are rarely published for the Tasmanian market. The focus remains on total property value rather than per-square-meter metrics.
Regional areas naturally achieve lower per-square-meter pricing, with larger land parcels available at more affordable total prices. This makes regional Tasmania particularly attractive for buyers seeking space and value.
What are the typical additional costs such as taxes, fees, and stamp duty?
Stamp duty represents the largest additional cost, calculated on a sliding scale with a $500,000 home incurring approximately $18,247 and a $750,000 property around $28,935.
First-home buyers receive full stamp duty exemption for properties under $750,000 until June 2026, plus access to a $30,000 first-home owner grant if eligible. This creates significant savings for qualifying purchasers.
Legal fees typically range from $2,000 to $3,000 or more, while building and pest inspections cost $500 to $1,000. Mortgage establishment fees add another $300 to $1,000 depending on the lender and loan structure.
Total acquisition costs commonly reach 4-6% of the property purchase price, including stamp duty for non-first-home buyers. Buyers should budget accordingly to avoid last-minute financial pressure.
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What does a full purchase example look like, including fees and mortgage repayments?
A $700,000 house purchase in Hobart requires a $140,000 deposit (20%) and a $560,000 mortgage loan for most buyers.
Additional upfront costs include approximately $25,000 stamp duty for non-first-home buyers, $3,000 for legal and inspection fees, and $500 in mortgage establishment costs, totaling $28,500 in extra expenses.
Monthly mortgage repayments at current average rates of 6.0% per annum amount to approximately $3,360 over a 30-year loan term. This calculation helps buyers assess affordability against their income and expenses.
First-home buyers purchasing under $750,000 eliminate stamp duty costs, reducing upfront expenses to approximately $3,500 plus their deposit. This exemption significantly improves affordability for qualifying purchasers.
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How do prices compare with similar cities in Australia?
Hobart now rivals Adelaide and Perth in pricing levels while remaining substantially cheaper than Sydney, Melbourne, and Brisbane for house purchases.
The Australian median house price reached $912,563 in 2025, placing Hobart's $710,000-$940,000 range slightly below the national average. Sydney exceeds $1.5 million median, Melbourne surpasses $1.2 million, while Hobart and Launceston offer more accessible entry points.
Tasmania's regional markets provide exceptional value compared to equivalent regional areas in New South Wales, Victoria, or Queensland. Towns like George Town at $362,000 have no mainland equivalent for proximity to a capital city.
This pricing differential attracts mainland buyers seeking lifestyle changes, retirement destinations, or investment opportunities with lower barriers to entry.
How have prices changed over the past 5 years and the past year?
Hobart achieved 7.5% price growth in the past year, with annual growth averaging around 8% over the past decade, significantly outpacing inflation and many mainland markets.
Regional Tasmania experienced remarkable growth over five years, with some areas appreciating 55-70% during this period. The past 12 months showed more moderate growth of 4-12% depending on the specific town and market segment.
Growth momentum is slowing in 2025 compared to the pandemic-driven surge of previous years, though most areas continue recording positive appreciation. This moderation suggests a more sustainable growth trajectory ahead.
The combination of mainland migration, limited housing supply, and lifestyle appeal continues supporting price growth across the state, though at more modest rates than recent peaks.
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What are the forecasts for property prices in 1 year, 5 years, and 10 years?
Property analysts expect mid-single digit growth of approximately 3-5% over the next 12 months, representing a moderation from recent high-growth periods.
Five-year forecasts suggest cumulative growth of 20-30% across Tasmania, barring major economic disruptions. This projection reflects continued mainland migration, supply constraints, and the state's growing appeal as a lifestyle destination.
Long-term 10-year growth historically averages 7-8% annually in Tasmania, supported by fundamental supply-demand imbalances and the state's unique position in the Australian property market. Continued infrastructure investment and population growth support these projections.
Factors supporting sustained growth include ongoing mainland migration, climate change considerations, and Tasmania's positioning as Australia's most affordable island lifestyle destination.
What are the smartest choices right now if you want to live, rent out (short or long term), or buy to resell later?
For owner-occupiers, well-connected Hobart suburbs like Bellerive offer lifestyle appeal, while Primrose Sands provides value. North Hobart suits buyers prioritizing vibrancy and city access.
Rental investors should focus on inner Hobart, Sandy Bay, and North Hobart for long-term rentals, while coastal towns offer strong short-term rental potential driven by tourism demand.
Resale-focused investors should target up-and-coming regional towns like Burnie, George Town, and Primrose Sands for growth potential, while inner Hobart provides superior liquidity for quicker exits.
Units and townhouses offer affordable entry points and consistent rental demand but typically appreciate slower than standalone houses. They suit investors prioritizing cash flow over capital growth.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Tasmania's property market offers diverse opportunities from premium Hobart suburbs to affordable regional towns, with first-home buyer incentives creating attractive entry conditions until June 2026.
While growth is moderating from pandemic peaks, the state's unique position as Australia's most affordable lifestyle destination continues supporting long-term appreciation prospects across all market segments.
Sources
- BambooRoutes - Average House Price in Tasmania
- 4one4 - Tasmania 2025 Real Estate Market
- BambooRoutes - Tasmania Price Forecasts
- SQM Research - Hobart Property Prices
- RealEstate.com.au - Cheaper Homes in Expensive Hobart Suburbs
- OpenAgent - Best Areas to Buy Property Tasmania
- Canstar - Best Suburbs Regional Tasmania
- Money.com.au - Tasmania Stamp Duty Calculator
- Your Mortgage - Median House Prices Around Australia
- Property Update - Australian Property Market Predictions