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

Hobart is holding its ground better than many larger capitals, with home values still rising despite a cooler national backdrop. Dwelling values increased 0.6% over the month, 1.4% over the quarter and 9.3% annually, taking the city’s median dwelling value to $752,760. While growth has moderated, Hobart remains only 0.7% below its previous peak, making this a market where sellers can still benefit from solid annual gains, provided expectations are set carefully.

Key Takeaways

• Hobart dwelling values rose 0.6% in the month, outperforming the combined capitals result of -0.6%.
• Annual growth remains strong at 9.3%, with houses rising 9.7% and units increasing 7.5%.
• The median dwelling value is $752,760, with houses at $803,094 and units at $587,749.
• Units delivered stronger quarterly growth at 2.1%, compared with 1.3% for houses.
• Gross yields remain healthy at 4.4% overall, with units offering a stronger 4.8% yield.
• Hobart is still 0.7% below its March 2022 peak, suggesting recovery has progressed but is not yet complete.

Hobart Property Price Growth

The latest figures show a market that is still moving upward, although not at the rapid pace seen in stronger growth cycles. Hobart’s 9.3% annual dwelling growth is well ahead of the combined capitals rate of 6.1%, while its 14.1% total return reflects the added benefit of rental income alongside capital growth.

Houses have been the stronger performer over the year, rising 9.7% annually to a median value of $803,094. Units are also gaining momentum, with a 2.1% quarterly increase and a median value of $587,749, indicating that more affordable property types are still attracting buyer interest.

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

A clear shift is emerging in Hobart’s property mix. Houses are leading annual performance, but units are showing firmer short-term momentum and better rental returns, with a 4.8% gross yield compared with 4.3% for houses. This points to continued appeal among investors and value-conscious buyers looking below the detached housing price point.

Across the broader market, Hobart’s position is relatively resilient. The city is only 0.7% below its peak, while values are up 17.3% over five years and 95.8% over ten years. That long-term growth profile gives homeowners a strong equity base, even as buyers become more selective.

Here’s how housing values are tracking across different parts of the market.

Hobart Property Market Forecast

Momentum is likely to remain positive but measured. Hobart’s recent monthly and quarterly gains suggest the market still has support, particularly from constrained supply, rental demand and the relative affordability of units. However, the city is operating in a wider environment where higher borrowing costs, cost-of-living pressure and softer buyer sentiment are limiting how quickly prices can rise.

The strongest near-term signal is balance rather than acceleration. With annual growth at 9.3%, quarterly growth at 1.4% and the market still slightly below its former peak, Hobart appears more likely to keep edging higher than surge sharply. Sellers should have opportunities, but pricing strategy will matter as buyers compare value carefully across 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

For sellers, the message is fairly clear: Hobart still has supportive fundamentals, but the market is no longer running on broad-based urgency.

The strongest signals are the 9.3% annual gain, the $752,760 median dwelling value, and the fact that values remain just 0.7% below the previous peak. Add in solid rental yields and stronger unit momentum, and Hobart remains a market with genuine depth.

Well-priced properties should continue to attract attention, while overly ambitious campaigns may need more patience.

Next steps