Hobart Property Market – Prices, Trends, Forecast [April 2026]

Hobart’s housing market is in a clear recovery phase, with dwelling values rising 0.8% over the month, 2.5% over the quarter, and 7.8% over the year. That has pushed the median dwelling value to $737,742, while total returns have reached 12.4%, helped by a solid 4.3% gross rental yield.

What makes the market especially interesting is that this is a recovery without full catch-up. Hobart values are still 2.9% below their March 2022 peak, which means momentum has improved, but the city is not yet in the same record-high position as several faster-growing capitals. Over the past five years, values are still up 23.0%, showing the longer-term gain remains substantial.

Key Takeaways

• Hobart dwelling values rose 0.8% in March, 2.5% over the quarter, and 7.8% annually, taking the median dwelling value to $737,742.
• The market is recovering but has not fully regained past highs, with values still 2.9% below the March 2022 peak.
• Houses are outperforming units, with house values up 3.1% over the quarter and 8.5% annually, while units fell 0.5% over the quarter but still rose 4.4% over the year.
• Hobart’s total return is 12.4%, supported by a relatively strong 4.3% gross rental yield.
• Rental conditions remain supportive, with house rents up 7.1% annually and unit rents up 3.9%.
• Growth within Greater Hobart is uneven, led by Hobart – North West at 12.4% annual growth, while Hobart Inner recorded 3.6%.

See how Hobart’s property values have performed across houses and units over various timeframes, along with returns, yields, and median prices.

Hobart Property Price Growth

The price story in Hobart is one of steady improvement rather than sharp acceleration. Dwelling values are up 7.8% over the past 12 months, which is a healthy result, but it sits well below the strongest capitals such as Perth and Brisbane. Quarterly growth of 2.5% and monthly growth of 0.8% show that momentum is positive, although the market is still climbing back from its earlier correction.

A closer look by property type shows detached housing is doing more of the heavy lifting. House values increased 1.0% in the month, 3.1% over the quarter, and 8.5% annually, lifting the median house value to $790,566. Units are softer by comparison, with values up 0.2% in the month and 4.4% over the year, but down 0.5% across the quarter, with a median unit value of $570,428.

Units have been patchier. Values fell -0.9% over the month and were flat over the quarter, but are still up 5.5% over the year, with a median around $574,204, suggesting the softness is likely short-term rather than structural.

View the latest property value movements across Australia’s capital cities. Use the filters to explore monthly, quarterly, and annual changes by dwelling type and region. Data sourced from Cotality.

Hobart Property Market Trends

Under the surface, Hobart is showing a more selective pattern of growth than many other cities. Unlike most capitals, it is not being led by the lower end of the market, which suggests demand is not as heavily concentrated in the cheapest segments as it is elsewhere. That makes Hobart’s current upswing look broader, but also less forceful than the strongest affordability-driven markets.

Geographically, performance across Greater Hobart is uneven. Hobart – North West is leading annual growth at 12.4%, followed by Hobart – South and West at 9.8%, Brighton at 8.5%, Hobart – North East at 7.8%, and Sorell – Dodges Ferry at 6.7%, while Hobart Inner is rising more modestly at 3.6%. Rental conditions are also still supportive, with gross dwelling yields at 4.3%, above the combined capitals level of 3.4% and the national level of 3.6%, alongside annual rent growth of 7.1% for houses and 3.9% for units.

The table outlines CoreLogic’s Home Value Index as of 1 April 2026, providing a snapshot of housing value performance across key indicators.

How to read these figures:

Hobart (-2.9% from peak; peak in Mar-22) shows the market remains slightly below its record high; +23.0% over the past five years points to solid longer-term growth; and +2.5% in the March quarter 2026 indicates prices have continued to rise recently.

Hobart Property Market Forecast

Looking ahead, Hobart appears more likely to continue on a path of moderate growth than shift into a rapid upswing. The city has regained momentum, but the fact that values remain 2.9% below peak levels points to a market that is still recovering rather than overheating. The stronger performance in houses, the positive quarterly trend, and above-average rental yields all support the view that conditions remain constructive.

At the same time, the broader market backdrop argues for caution. Housing demand is being constrained by high borrowing costs, stretched affordability, weaker confidence, and ongoing cost of living pressure. These factors are expected to weigh on housing activity through 2026, with broad-based price gains looking more limited and outcomes likely to remain uneven across markets and price points.

For Hobart specifically, that combination suggests a balanced outlook. Its lower median value relative to the larger capitals may help it hold up better than more expensive markets as demand shifts toward segments where borrowing capacity still works, but the weaker unit performance and broader headwinds mean growth is likely to stay measured rather than surge. The most likely direction is continued upward movement, but at a contained pace and with clear variation between submarkets and property types.

The Reserve Bank of Australia’s ongoing adjustments to interest rates will likely play a crucial role in shaping market dynamics, as higher borrowing costs limit purchasing power for many buyers.

Here are some of the most recent forecasts by the big-4 banks in Australia:

• ANZ predicts a 5-6% increase in capital city property prices in 2024, with Brisbane expected to see the highest rise at 9-10%, Perth property values could go up by 1-11%, Sydney by 4-5%, and Melbourne prices by 2-3%.
• CBA forecasts a 5% rise in capital city prices, with some variations: Brisbane is anticipated to grow by 6%, Melbourne and Perth by 5%, Sydney by 4%, and Adelaide by 1%.
• NAB projects a 5.4% average increase across the capitals, with Brisbane expected to see a 6.5% rise, Perth and Adelaide by 6.2%, Melbourne by 5.5%, Sydney by 5%, and Hobart remaining flat.
• Westpac expects a 6% growth across the combined capitals, with Perth leading at 10%, followed by Brisbane at 8%, Sydney at 6%, Adelaide at 4%, and Melbourne at 3%

Oxford Economics recently released property forecasts predicting where house prices will be in three years.

Conclusion

Taken together, Hobart is in a healthier position than it was during the downturn phase, with values rising again, rental settings remaining supportive, and total returns holding up well. The market has real momentum, especially in houses, but it is still short of its previous peak and is not showing the same intensity as the fastest-growing capitals.

That leaves Hobart looking like a recovering market with decent underlying support, rather than a market running too hot. For readers assessing the city in early 2026, the key takeaway is that growth is back, but it is selective, more moderate, and likely to remain sensitive to affordability, confidence, and borrowing conditions.

Next steps