Hobart holds steady as other capitals ease
Hobart’s October pause stands out in a capital city market where home values mostly slipped. The realestate.com.au Home Price Index recorded no monthly change in Hobart, leaving it as the only capital without a fall. Its median value was $734,000, up 4.6 per cent over the year and just 0.6 per cent below the May record. That’s a narrow gap from the peak, but one month without a decline doesn’t establish a lasting change in direction.
The comparison with other capitals makes October’s result more noticeable. Sydney and Brisbane each fell 0.4 per cent during the month, while Adelaide recorded the sharpest monthly decline in the table, at 0.6 per cent. Hobart’s unchanged reading looks comparatively firm against those drops, though it sits alongside weaker five-year growth than several other capitals. A steady month can matter to sellers’ confidence, but it doesn’t tell the whole story about demand or affordability.
That longer-term caveat is substantial: Hobart prices have risen 8.1 per cent in five years, a comparatively modest result. The median sits $81,000 below Melbourne’s $815,000 and $114,000 above Darwin’s $630,000. Those gaps put Hobart in a middle position on price, while its five-year growth remains well below the gains recorded in Brisbane, Adelaide and Perth. The figures describe different market paths; they don’t explain on their own what caused them.
Fewer listings support values
REA Group senior economist Eleanor Creagh describes Tasmania as one of Australia’s steadier housing markets. Hobart’s conditions look stronger than those in several other capitals, she said, with a more buoyant feel. Stock on market is below year-ago levels, which may be adding competition between buyers and helping underpin prices. That mechanism is familiar in housing: when fewer properties are available, buyers can face more competition for the homes that do come up for sale. Still, the index doesn’t show how much of Hobart’s flat monthly result can be attributed to lower stock.
Petrusma Property sales manager David McLeod also points to tighter supply. He said the market was holding steady, with listings slightly below the usual level for this time of year. He expected listings to rise in November, while noting that tax changes and interest rate increases were weighing on activity. Those pressures can pull in different directions: limited choice may support prices, while borrowing costs and tax changes can make some buyers hesitate or reduce what they can spend.
For sellers, McLeod’s advice is practical: accurate pricing and good presentation matter across price brackets. That’s a reminder that a stable headline figure doesn’t guarantee every property will attract strong interest. Buyers assess individual homes, their condition and their price, and sellers still need to meet the market they’re in. He has also seen more interest in units, with affordability likely contributing to their appeal.
Buyers and regional markets diverge
First-home buyers remain active, though McLeod said many are cautious as higher rates and changes to stamp duty concessions constrain budgets. That combination can limit the price range buyers can consider, even when they’re still searching. If you’re working in this space, the distinction matters: ongoing enquiry doesn’t necessarily mean buyers feel able to move quickly or bid with confidence.
Interstate purchasers account for about 30 per cent of sales, a high share for a market traditionally led by local buyers. The figure points to a broader mix of demand than Hobart has typically had, but it doesn’t establish why each buyer is purchasing or whether that share will persist. Investor activity has eased since the tax changes and rate rises, while interstate investors and buyers seeking lifestyle properties continue to enquire. Enquiry is a useful signal of interest, but it isn’t the same as a completed sale.
Across the rest of Tasmania, home values fell 0.2 per cent in October but were 8.7 per cent higher than a year earlier. Regional Tasmania’s median was $593,000, up 31 per cent over five years. That longer-term gain contrasts with Hobart’s more restrained growth. The split suggests the state shouldn’t be read as one uniform market: the capital and regional areas have posted different results over the five-year period, even as both recorded annual growth.
October capital city price movements
The table puts Hobart’s flat month in context. It also shows why a single comparison can mislead: monthly, annual and five-year changes tell different parts of the story. Perth has the strongest five-year growth in the table, while Hobart’s annual gain is positive but its five-year rise is modest. Melbourne’s median is higher than Hobart’s, yet its listed five-year change is negative. What this means for you depends on which period you’re assessing.
| Region | Monthly growth | Annual growth | Five-year growth | Median price |
|---|---|---|---|---|
| Sydney | -0.4% | -6.6% | 5.2% | $1,169,000 |
| Melbourne | -0.1% | -6.1% | -3.5% | $815,000 |
| Brisbane | -0.4% | 0.2% | 54.6% | $1,014,000 |
| Adelaide | -0.6% | 3.1% | 61.4% | $907,000 |
| Perth | -0.3% | 2.4% | 74.8% | $949,000 |
| Hobart | 0% | 4.6% | 8.1% | $734,000 |
| Darwin | -0.2% | 9.3% | 30.2% | $630,000 |
| Canberra | -0.2% | -4.2% | 0.1% | $847,000 |
Source: realestate.com.au Home Price Index report, all dwellings. The index gives a broad view of price movement, while local agent comments offer a view of current listing and buyer conditions. Neither on its own captures every difference between suburbs, property types or individual homes.
What November could clarify
Hobart’s October stability and lower listing levels point to a market with some near-term support, while the expected November supply increase will be a useful test of that balance. If listings rise as McLeod expects, the response from buyers may help show whether October’s pause was supported by limited choice or whether demand can hold up as more homes become available. The source doesn’t establish what that response will be. A test, not a verdict.
This is more significant than it looks, but the claim should stay measured. Hobart has avoided the monthly falls recorded in the other capitals, and its median remains close to the May record. At the same time, its five-year growth is modest beside much of the country, and agents describe constraints on activity. Here’s the thing: stable prices are a useful signal, but they’re only one month’s reading in a market where supply, borrowing costs and buyer budgets are all in play.