Hobart is approaching a new record in property prices, standing just 0.2% below its highest value recorded in February 2022, according to a report by PropTrack.
The median property price has now reached $718,000, marking an increase of $62,500 compared to last year, reflecting annual growth of 9.2%. In February alone, prices rose by 1%, making Hobart the strongest-performing capital city for the month.
The median house price climbed to $779,000, representing a 10.3% annual increase, while units recorded a median price of $592,000, posting growth of 5.2%.
Continued growth could push the market toward a new peak, supported by rising demand and a 30% decline in available listings compared to last year. However, analysts emphasized the fragility of this trend, noting that it remains heavily dependent on limited supply.
Mid-range properties have experienced strong activity since November, while luxury homes have not generated similar momentum. Simon Parsons from LJ Hooker highlighted the role of first-home buyers in driving the market, along with a strong return of investors since November, and intense competition for well-positioned properties.
Meanwhile, luxury properties priced above $1.3 million have shown stability compared to last year, with expectations that this steady trend will continue through 2026.
