Hobart property market data, trends, forecasts

By Andy Webb · Data to September 2026 · Updated October 2026

Hobart property market news - key takeaways

• Values ease over the month: Hobart dwelling values slipped -0.5 per cent in September, though homes remain worth noticeably more than a year ago, with annual growth holding at +7.0 per cent.
• Supply remains thin: Total listings in the Hobart property market are -19.7 per cent below this time last year, so buyers have fewer options and sellers face less competition from comparable homes.
• Homes taking longer to sell: The typical Hobart home took 32 days to sell, up from 20 days a year earlier, which gives buyers more time to weigh up their options before making an offer.
• Rental market stays tight: Hobart rents rose +8.0 per cent over the year, and a vacancy rate of just 0.5 per cent leaves tenants with few choices and investors with steady rental demand.
• Banks split on rates: The RBA lifted the cash rate to 4.60 per cent in its fourth rise of 2026, and the major banks are divided on whether one more rise arrives in November.

Hobart property price movements

The Hobart property market eased over the month, with values slipping on both a monthly and quarterly basis. Over the longer term, homes are still worth noticeably more than they were a year ago.

Hobart property prices - September 2026

The typical Hobart home value slipped -0.5 per cent in September 2026, bringing the quarterly change to -1.2 per cent. The annual figure is still positive, with values +7.0 per cent higher than in September 2025.

^{Source: Cotality, data to September 2026}

In dollar terms, the median value of Hobart homes fell by around $3,700 over the month, to $741,496. Values also remain -2.0 per cent below their March 2022 peak. This means the past year's growth has largely been regaining earlier ground rather than setting new highs.

Tim Lawless, Research Director at Cotality, said in the September 2026 Home Value Index:

"97% of capital city suburbs were down in value over the three months to end of September, highlighting the broad-based scope of this negative housing cycle."

Mr Lawless is describing capital cities nationally, not Hobart in particular. Hobart's -1.2 per cent quarterly fall places the city within that broader softening, even though local values remain +7.0 per cent higher over the year.

House prices in Hobart

Hobart house prices slipped -0.4 per cent in September 2026, taking the quarterly change to -1.2 per cent. Over the year, house values are up +7.0 per cent, matching the result across all homes.

^{Source: Cotality, data to September 2026}

The median house value is now $790,406, around $3,200 lower than a month earlier. Houses and units moved in the same direction by much the same margin, so little separated the two property types this month.

Unit prices in Hobart

Hobart unit prices eased -0.7 per cent over the month, with the quarterly change at -1.2 per cent. Annual growth for units sits at +6.7 per cent.

^{Source: Cotality, data to September 2026}

The median unit value of $591,795 is around $4,200 lower than in August. In percentage terms, units and houses have been broadly in line across every timeframe. For buyers, units remain the cheaper way into the market, at roughly $198,600 below the typical house.

Hobart property market forecasts 2026-2027

Australia's Big Four banks, CBA, Westpac, NAB and ANZ, publish house price forecasts as part of their regular economic research. Their views for Hobart over 2026-2027 vary, especially for the second year.

^{Source: each bank's published forecast (Last published column); change in dwelling values over the calendar year}

All four banks expect Hobart values to rise across 2026. NAB is the most optimistic for 2026 at +5.0 per cent, and ANZ is the most cautious. The Hobart house price forecast for 2027 is more divided, with Westpac leading at +3.0 per cent and ANZ alone expecting values to fall, by -3.0 per cent.

As per KPMG's latest forecast, the consultancy is more positive than the Big Four on Hobart units in 2027, forecasting +3.6 per cent for unit values and +2.4 per cent for house values.

RBA cash rate forecast 2026-2027

The RBA's most recent decision was a rise, its fourth of 2026, as inflation stayed above its 2 to 3 per cent target band. The major banks are split on what comes next. ANZ and Westpac expect one more rise in November, while CBA and NAB expect the rate to hold for the rest of this year, and the table below sets out each bank's expected path.

The cash rate is 4.60 per cent. The major banks' forecasts for the next move:

^{Source: ANZ, CBA, NAB and Westpac forecasts, as at 8 October 2026}

What this means for the Hobart market

Higher rates mean Hobart buyers can borrow less than they could at the start of the year. Cotality estimates the four rises since February have reduced a median-income household's borrowing capacity by around $90,000. That is a large amount set against Hobart's median dwelling value of $741,496.

Unit values eased -0.7 per cent in September, compared with -0.4 per cent for houses, and first-home buyers who borrow close to their limit tend to feel each rise most directly. If a further rise arrives, the more cautious 2027 forecasts become more likely. A hold would give the banks' modest growth calls more room.

Helpful resource: Our simple guide to tracking market trends and data will walk you through everything you need to know to be able to read the market and make a smarter selling decision.

Hobart house prices graphs and charts

Hobart's house price growth over the last 5 years has been uneven, and according to Cotality's latest figures the median dwelling value now sits at $741,496 after easing -0.5 per cent over the month. Values fell -1.2 per cent over the quarter but remain +7.0 per cent higher than a year ago, which means the recent dip has given back only part of the past year's gains.

The chart shows Hobart values are still -2.0 per cent below their March 2022 peak, and four cash rate rises this year have lifted the rate to 4.6 per cent and cut how much the average household can borrow. A sharp drop in the number of homes for sale has helped support prices, but homes now take 32 days to sell compared with 20 days a year ago, a sign that buyers have less to spend and more time to decide.

Hobart property 30 year property price graph

Hobart property prices growth over the last 10 years has been strong, fuelled by interstate migration, tight housing supply and rising demand for lifestyle locations—factors that powered the big gains through 2015–2021 and set the scene for the recent cycle. That decade of substantial gains means the current bounce reads as a recovery toward long‑term trends rather than a new, outsized breakout, as shown by the 30‑year indexed chart and local market history.

Over the past 30 years, Hobart’s market has moved in bursts—big gains when credit was cheap and pauses when rates rose, or supply improved—so long‑term holders have generally been rewarded despite short-term swings. Today, homeowners are cautiously optimistic as values recover and rental tightness remains, while buyers are more price‑sensitive because borrowing rules and higher mortgage costs limit budgets; that mix points to steadier, moderate growth ahead rather than a return to the extreme gains of 2021.

Hobart selling statistics

Selling conditions in Hobart look different from the national picture this month. Homes are taking longer to sell than a year ago, but sales activity has held up and the supply of homes for sale remains thin. Sellers have fewer rival listings to contend with, while buyers are working with a smaller pool of options.

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Hobart sales volume and days on market

Hobart sales volumes rose +3.2 per cent year on year, compared with -9.1 per cent across the combined capitals and -6.4 per cent nationally. The typical home took 32 days to sell, up from 20 days a year earlier. That is still quicker than the combined capitals median of 39 days and the national median of 41 days.

^{Source: Cotality, data to September 2026}

The gap in sales volumes is wide. Sales have grown in Hobart while they have fallen across the combined capitals and the country as a whole, which suggests local buyer activity has been steadier than the broader market. Sellers can still expect a quicker sale than the national average, although the extra 12 days compared with a year ago gives buyers more room to compare homes before committing.

Hobart new and total listings

New listings in Hobart fell -27.9 per cent year on year, and total listings were -19.7 per cent lower. Both measures point to fewer homes coming onto the market and fewer for sale at any one time.

^{Source: Cotality, data to September 2026}

Fewer listings means buyers have less to choose from, and a home for sale is less likely to be weighed against similar properties nearby. Even so, thin stock has not stopped Hobart values easing over the past month. That suggests higher interest rates are limiting how much buyers can borrow and pay, rather than a surplus of homes weighing on prices.

Hobart vendor discount

Vendor discount is the percentage gap between a property's initial asking price and the price it eventually sells for. A wider discount means sellers are accepting offers further below their asking price, and a narrower one means sales are landing closer to it. Weekly auction clearance rates are not included for Hobart because auction volumes in the city are too low to be statistically meaningful.

^{Source: Cotality, data to September 2026}

The median vendor discount in Hobart was -3.4 per cent, little changed from -3.5 per cent a year earlier. Sellers are typically settling a few per cent below their asking price, much as they were this time last year. That stability suggests buyers and sellers in Hobart remain fairly close on price, despite the softer month for values.

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Hobart property investing

Hobart's rental market remains a competitive one for tenants, with few homes available to lease and rents still climbing. For investors, that mix means steady demand for rental properties and a solid income return relative to what homes cost to buy. Renters, by contrast, have little breathing room.

Helpful resource: Estimate the capital gains tax on a sale with our free calculator.

Hobart rental market

This section looks at how much rents have changed over the past year, along with gross rental yields, which measure a year's rent as a share of a property's value. The table below also breaks down the annual change in rents for houses and units across the capitals.

^{Source: Cotality, data to September 2026}

Hobart rents rose +8.0 per cent over the year, well above the national figure of +5.5 per cent and among the strongest growth of the capitals. House rents climbed +8.7 per cent, outpacing units at +5.0 per cent. Hobart's gross yield of 4.4 per cent is among the highest of the capitals and above the combined capitals figure of 3.7 per cent, which suggests rents are strong relative to home values.

Hobart vacancy rates

The vacancy rate shows the share of rental homes sitting empty and available to lease, so a low figure means tenants have few options to choose from. Hobart's vacancy rate was 0.5 per cent in September 2026, compared with 0.4 per cent a year earlier. That works out to 127 vacant rental properties, up from 107 properties.

^{Source: SQM Research, September 2026}

Hobart's rate sits well below the national vacancy rate of 1.4 per cent and is among the tightest of the capitals. The change from a year ago is essentially flat, so conditions for tenants have barely shifted over the past 12 months. Such a small pool of empty homes helps explain why rents have kept rising.

Louis Christopher, Managing Director at SQM Research, said in SQM Research's latest weekly update:

"The smaller capitals are a different story. With vacancy rates still below 1% in Brisbane, Perth, Adelaide, Darwin and Hobart, there is little sign yet of relief for tenants in those cities."

Mr Christopher's view is that renters in the smaller capitals, Hobart included, are not yet seeing conditions ease. Hobart's own figures fit that picture, with vacancy essentially flat over the year and rents rising faster than the national pace. For investors, that points to steady rental demand, although an expert's assessment of current conditions is not a guarantee of what comes next.

Top growth areas in Hobart

Hobart's strongest 12-month price gains to September 2026 were concentrated on the city's northern and south-eastern fringes, where median values sit below the city-wide figure. The table below ranks Greater Hobart's Statistical Area Level 3 (SA3) regions by annual percentage change. An SA3 is an Australian Bureau of Statistics region that typically covers several adjacent suburbs.

^{Source: Cotality, data to September 2026}

Highlights for Hobart’s top growth areas

• Hobart - North West: Ranked #1 with annual growth of +12.8 per cent and a median value of $657,816, Hobart - North West has been the city's strongest performer over the year. Its relatively affordable price point and established links to the city centre along the Derwent's western shore continue to draw buyers, with suburbs such as Glenorchy and Moonah among the better-known names in the region.
• Brighton: Ranked #2 with +12.6 per cent annual growth and a median of $659,874, Brighton sits only a fraction behind the top spot. The region on Hobart's northern edge offers some of the lower price points in the city, which has supported demand from first home buyers and young families, particularly in suburbs such as Old Beach and Bridgewater.
• Sorell - Dodges Ferry: Ranked #3 with +10.0 per cent annual growth and a median of $697,694, Sorell - Dodges Ferry has attracted buyers seeking a coastal lifestyle within commuting distance of the city. Suburbs such as Sorell and Midway Point give the region a mix of township living and waterside appeal.
• Eastern shore and southern suburbs: Ranked #4 and #5, Hobart - North East (+6.6 per cent, $782,313) and Hobart - South and West (+6.2 per cent, $870,303) recorded more moderate gains from higher starting values. Both regions carry medians above the city-wide dwelling median, and the slower pace reflects higher price points meeting tighter borrowing conditions. Established suburbs such as Bellerive and Kingston continue to attract steady interest.
• Hobart Inner: Ranked #6 with annual growth of +1.5 per cent and a median of $864,033, Hobart Inner recorded the smallest gain of the city's SA3 regions. Higher entry prices in the inner city have left less room for growth while buyers favour more affordable areas, although suburbs such as Sandy Bay and Battery Point remain sought-after addresses.

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