Hobart homebuyers are facing steeper prices compared to last year, with new data showing a continued upward trend in the local property market.
The latest PropTrack Home Price Index reveals that house values in Tasmania’s capital have increased by 2.58% over the past year, bringing the median price to $715,000.
Regional areas across the state have experienced similar growth, with house values rising by 2.6% year-on-year to reach a median price of $550,000.
Unit prices showed more modest movement, with Hobart units increasing by just 0.08% and regional units by 0.18%, reaching median values of $560,000 and $420,000 respectively.
The steady price growth comes despite challenging economic conditions, including multiple interest rate rises that have impacted borrowing capacity for many prospective buyers.
REA Group senior economist Anne Flaherty suggests potential relief may be on the horizon for homebuyers.
“Should interest rates fall in May, we may see the rate of growth pick up again as borrowing capacities increase and mortgage repayments decline,” Flaherty said.
