Hobart property market data, trends, forecasts

Hobart property market news - key takeaways

• Steady annual price gains: The Hobart property market posted an annual dwelling value increase of +8.5 per cent, outperforming several larger capitals that are now recording falls.
• Stock running critically low: Total listings in Hobart dropped -29.6 per cent year on year, meaning buyers are competing over a shrinking pool of available homes even as new stock continues to arrive.
• Sellers holding firm: Hobart's vendor discount narrowed from -3.3 per cent a year ago to -3.1 per cent, with properties selling in 29 days on average, giving sellers little reason to budge on price.
• Rental vacancy near record tights: Hobart's vacancy rate fell to just 0.4 per cent, with only 121 rental properties available across the city and annual rent growth running at +6.4 per cent.
• Rate rises adding borrowing pressure: The RBA raised the cash rate to 4.10 per cent in March 2026 and markets are pricing in further increases, shrinking borrowing capacity for buyers at every price point.

Hobart property price movements

The Hobart property market held its ground in April 2026, continuing a run of growth that sets it apart from the softer conditions playing out in Australia's largest cities. Values are up strongly over both the quarter and the year, pointing to a market with genuine underlying demand.

Hobart property prices - May 2026

Hobart properties posted a modest gain of +0.2 per cent in April 2026, extending a quarterly rise of +2.6 per cent and an annual gain of +8.5 per cent. The annual figure is among the stronger performers nationally at a time when several capital cities are losing ground.

^{Source: Cotality}

The median home value in Hobart reached $744,296 in April 2026, up by around $1,488 from the prior month. An annual gain of +8.5 per cent tells a story of steady, compounding growth rather than a single burst of activity.

House prices in Hobart

Hobart house prices rose +0.1 per cent in April 2026, with quarterly growth of +3.2 per cent and an annual increase of +9.1 per cent making for a strong overall picture. The Hobart housing market is outperforming the national trend at a time when rate pressures are weighing on buyer demand elsewhere.

^{Source: Cotality}

The median house value reached $796,682, an increase of roughly $797 over the month. The annual gain of +9.1 per cent reflects how consistently buyer appetite has held up in Hobart despite a more difficult borrowing environment.

Unit prices in Hobart

Hobart unit prices rose +0.5 per cent in April 2026, the strongest monthly gain across all dwelling types in the city. Over the year, Hobart unit prices are up +5.8 per cent, a solid result even as the quarterly figure dipped slightly into negative territory at -0.2 per cent.

^{Source: Cotality}

The median unit value of $574,548 represents an increase of around $2,861 over the month. The small quarterly retreat suggests some choppiness in shorter-term unit performance, though the annual trend remains clearly positive.

Hobart property market forecasts 2026

Australia's Big 4 banks, CBA, Westpac, NAB and ANZ, publish house price forecasts as part of their annual economic research. Views on Hobart for 2026 vary, with the spread between the most and least optimistic forecasts sitting at nearly three percentage points.

• CBA: CBA predicts Hobart property prices to rise +5.0 per cent over 2026.
• Westpac: Westpac predicts Hobart property prices to rise +3.0 per cent over 2026.
• NAB: NAB's published forecast is at the Tasmania state level; it predicts dwelling prices to rise +5.8 per cent over the next 12 months across Tasmania.
• ANZ: ANZ predicts Hobart property prices to rise +3.7 per cent over 2026.

The Hobart house price forecast range runs from Westpac's relatively measured +3.0 per cent through to NAB's state-level view of +5.8 per cent, with CBA and ANZ sitting in the middle of the pack. Westpac is the most cautious on Hobart property market predictions, likely reflecting the broader national headwinds of rising rates and softening sentiment, while NAB's higher figure captures a rolling 12-month view across Tasmania that may include stronger regional tailwinds.

Consultancy KPMG sits broadly in line with the more optimistic end of the Big 4, forecasting +5.2 per cent dwelling growth across 2026 (houses +5.4 per cent, units +5.1 per cent).

RBA cash rate forecast 2026

At its March 2026 meeting, the RBA lifted the cash rate to 4.10 per cent, up from 3.60 per cent. The decision was driven by entrenched inflationary pressures, a tight labour market and rising energy costs linked to geopolitical tensions in the Middle East. Financial markets and most major bank economists are pricing in further upward pressure on the cash rate through the remainder of 2026.

• CBA: CBA's latest commentary points to the current tightening cycle continuing, with further rate rises expected before any easing is on the table.
• Westpac: Similar to CBA, Westpac anticipates additional rate increases in 2026, with the cash rate likely to move higher before stabilising.
• NAB: NAB has not published a revised cash rate forecast since the March 2026 decision, but its recent commentary is consistent with broader market expectations of at least one further increase this year.
• ANZ: ANZ expects ongoing upward pressure on the cash rate, consistent with its view that inflation will remain above target through much of 2026.

What this means for the Hobart market

A cash rate of 4.10 per cent puts meaningful pressure on Hobart borrowers, particularly given the city's median dwelling value of $744,296. Buyers entering the market now must demonstrate they can service a mortgage at a rate roughly three percentage points above their actual rate, which is shrinking the pool of people who can comfortably transact.

For Hobart, where a relatively affordable entry point has traditionally attracted first-home buyers and interstate movers, the rate environment is a sharper constraint than the raw price numbers suggest. The lower end of the market is likely to stay more active than premium pockets, but even there, each additional rate rise chips away at what buyers can borrow.

The gap between the bank forecasts, Westpac's cautious +3.0 per cent and NAB's more optimistic +5.8 per cent, largely reflects different assumptions about how far and how fast rates will move over the rest of the year. Several of these Big 4 forecasts predate the March 2026 rate decision, meaning the full effect of that increase has not yet been fully absorbed into each bank's modelling. Revised forecasts from one or more banks are possible in the months ahead.

Hobart house prices graphs and charts

Hobart house price growth over the last 5 years has moved from a sharp COVID-era boom into a correction and is now in a measured recovery. As of February 2026, Cotality’s dataset shows dwelling values rose by +0.5 per cent over the month, +2.6 per cent over the quarter and +7.0 per cent over the year, leaving values -5.1 per cent below the March 2022 peak, according to Cotality’s analysis.

The five-year chart highlights a big surge in 2021, a clear downturn through 2022 into early 2023, then slow stabilisation and small positive quarters through 2024–26. Cotality’s findings underline that Hobart’s cycle has been more sensitive to interest rate rises than some larger capitals, which helps explain the deeper correction and the measured nature of the rebound.

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

The Hobart market is showing a distinctive combination of rising activity and tightening stock. Sales are up, new listings are growing, yet total available stock has fallen sharply, a situation that puts sellers in a stronger position than raw activity numbers might suggest.

Hobart sales volume and days on market

Sales volumes in Hobart rose +7.1 per cent year on year, well ahead of the combined capitals average of +2.9 per cent and the national figure of +4.7 per cent. Properties are selling in 29 days on average, down from 31 days a year ago.

^{Source: Cotality}

Hobart's days-on-market figure of 29 days sits slightly above the combined capitals average of 27 days but below the national average of 30 days. That positions Hobart roughly in the middle of the pack, faster than many regional markets, but not quite as quick as the larger capitals where concentrated buyer pools drive faster turnover. The stronger-than-average sales volume growth suggests buyer demand is holding up better in Hobart than it is across the broader market.

Hobart new and total listings

New listings rose +9.1 per cent year on year, meaning more sellers are choosing to enter the market. But total listings, everything sitting available for sale at any point, fell -29.6 per cent over the same period.

^{Source: Cotality}

The gap between rising new listings and falling total listings tells an important story. Properties are being absorbed by buyers so quickly that the overall pool of available homes keeps shrinking, even as fresh stock arrives. For buyers, this means less choice and less time to deliberate. For sellers, it means competition from other vendors remains limited, supporting asking prices.

Hobart vendor discount

Vendor discount measures the percentage difference between a property's initial asking price and its final sale price. A wider discount means sellers are conceding more ground to get a deal done; a narrower one means sellers are holding firmer. We do not include weekly auction clearance rates for Hobart because auction volumes are too low to be statistically meaningful.

^{Source: Cotality}

Hobart's vendor discount narrowed slightly, from -3.3 per cent a year ago to -3.1 per cent today. That shift is small but points in a clear direction: sellers are giving up marginally less ground than they were twelve months ago. In a market where total stock has fallen sharply and properties are selling faster, buyers should expect limited room to negotiate on price.

Hobart property investing

Hobart's rental market is under real pressure from both sides of the ledger. Renters are competing hard for a shrinking pool of available homes, while investors are picking up yields that sit well above those on offer in the larger capitals.

Hobart rental market

The table below covers annual rental growth, gross yield, and the split between houses and units for Hobart and every other capital city. These figures give a clear picture of where Hobart sits in the national rental picture.

^{Source: Cotality}

Hobart's annual rent growth of +6.4 per cent outpaces the national figure of +5.7 per cent, and the city's gross yield of 4.3 per cent is the second highest among southern capitals, trailing only Canberra's 4.0 per cent, and sitting well above the combined capitals average of 3.4 per cent. House rents are the faster-moving segment, up +7.0 per cent over the year, putting Hobart house rental growth on par with Perth and ahead of every other southern capital.

Hobart vacancy rates

Vacancy rates are a direct measure of rental supply pressure. When the rate is low, there are fewer empty rentals to choose from, which pushes rents up and gives investors greater confidence of continuous tenancy. SQM Research data shows Hobart's vacancy rate has tightened from 0.5 per cent a year ago to 0.4 per cent in April 2026.

^{Source: SQM Research}

At 0.4 per cent, Hobart's vacancy rate is less than half the national rate of 1.0 per cent, and only Darwin matches it among the capitals. With just 121 rental properties sitting vacant across the city, the practical choice available to a prospective tenant is extremely slim. The year-on-year drop from 148 to 121 vacant properties tells the same story: supply is not catching up.

Louis Christopher, Managing Director at SQM Research said in the latest SQM rental market report:

"The national vacancy rate dropping to 1.0% highlights just how tight Australia's rental market has become. We are now seeing vacancy rates at critically low levels in several cities, particularly Perth, Darwin and Hobart."

Hobart's explicit inclusion in that assessment is telling. A vacancy rate of 0.4 per cent leaves almost no slack in the rental market, meaning tenants face steep competition for every available property and landlords are rarely without a tenant for long. For investors weighing up where rental income is most secure, those conditions, combined with a yield that comfortably clears 4 per cent, make Hobart one of the more compelling income stories among Australian capitals right now.

Top growth areas in Hobart

Hobart's strongest annual price gains in April 2026 were spread across a relatively compact set of regions. The table below covers all six available Statistical Area Level 3 (SA3) regions for Greater Hobart, an ABS classification that groups several adjacent suburbs into a single geographic unit.

^{Source: Cotality}

Highlights for Hobart’s top growth areas

• Hobart - North West: Ranked #1 with annual growth of +13.9 per cent and a median value of $647,111, Hobart's north-west corridor is the city's standout performer. Its relative affordability compared to other parts of Greater Hobart appears to be drawing buyers who might otherwise be priced out of closer-in suburbs.
• Hobart - South and West: Ranked #2 with +10.5 per cent annual growth and a median of $832,624, this region commands the second-highest median in the table yet is still recording strong gains. That combination suggests sustained demand for the lifestyle appeal and established amenity this part of the city offers.
• Sorell - Dodges Ferry: Ranked #3 with +10.3 per cent annual growth and a median of $702,896, Sorell and Dodges Ferry sit on Hobart's south-eastern fringe, where coastal living at a relatively accessible price point continues to attract buyers. The region's growth rate is only marginally behind #2, pointing to broad-based demand across the city's outer ring.
• Brighton: Ranked #4 with +9.7 per cent annual growth and a median of $643,485, Brighton is one of the two most affordable SA3s in the table. Its proximity to Hobart's central employment areas, combined with lower entry prices, positions it as a practical choice for buyers seeking value within commuting range.
• Hobart - North East and Hobart Inner: Ranks #5 and #6 tell a tale of two speeds within the city proper. Hobart - North East recorded +7.1 per cent annual growth with a median of $786,339, while Hobart Inner, the city's most expensive SA3 at $899,819, grew at a noticeably slower +4.0 per cent. This gap is consistent with the broader national pattern of softer conditions at the higher end of local markets, where borrowing capacity constraints weigh more heavily on buyer demand.