Hobart home prices held steady in September, while values fell in most other capital cities, according to new realestate.com.au data.
Prices in Hobart were unchanged for the month and are 5.3% higher than a year ago, with a median dwelling value of $729,000.
Hobart’s median house value is $783,000, up 5.5% over the year, while the median unit value is $607,000, up 4.5%.
Hobart unit prices dipped 0.4% in September, while house prices were unchanged.
The city’s prices remain 1% below their peak and have risen 9.3% over five years and 106% over the past decade.
Regional Tasmania continued to outperform, with prices up 10% over the year to a median of $594,000.
Regional house values are up 9.8% to a median of $615,000, while units rose 11.3% to a median of $505,000.
Over the past decade, regional Tasmanian values have risen 147.1%, the strongest growth of any market in the country.
Nationally, prices fell 0.2% in September, the sixth consecutive monthly decline and are now 3.3% below their March peak.
Adelaide recorded the largest fall among the capitals at 0.6%, followed by Sydney and Perth at 0.3%.
Darwin was the only capital to record growth, up 0.1%.
Across the combined capitals, prices fell 0.3% in September and are 1.6% lower than a year ago.
Regional markets were steadier, unchanged for the month and up 5.1% over the year.
realestate.com.au senior economist Eleanor Creagh said affordability was helping regional markets as higher interest rates limited how much buyers could borrow.
She said auction clearance rates remained soft, homes were taking longer to sell and sales volumes were below last year’s levels.
“Further price falls are likely over the coming months as this week’s interest rate rise, tax changes and the cumulative impact of higher borrowing costs weigh on demand,” she said.
Creagh said strong employment, limited forced selling and homeowners’ equity should limit how far prices fall.
