Hobart Market Update 1 st H a l f 2 0 2 5
FUTURE DEVELOPMENTS
OVERVIEW In Q4 2024, Hobart* had a median house price of $897,000 and a median unit price of $530,500. This represents an annual (Q4 2023 - Q4 2024) softening of -5.0% for houses and -21.6% for units. Comparing Q4 2023 and Q4 2024, total sales increased by 40.9% (to 155 sales) for houses and by 4.2% (to 74 sales) for units. Current price softening in Hobart is a reflection of higher interest rates and economic conditions. That said, buyer interest remain high, and with a few new stand-alone houses planned for 2025 the potential for a market recovery is high. Thus, buyers need to act fast and capitalise on current prices.
CHANGE FROM LAST
YEAR
Hobart£ will see approximately $1.1B of new projects commencing in 2025. Mixed-Use
Residential
Projects $98.0M
$30.9M
Commerci al $305.7M
HALF YEAR
HOUSE SALE S Infrastructure
HOUSE ME DIAN PRICE
$623.0M
HOUSE RE NTAL PRICE
Industrial $950.0K A major infrastructure project set to commence in 2025 is the Macquarie Point/Waterfront Railyard ($300.0M). This project will incorporate public and commercial spaces, exhibition centre, accommodation and research centre.
UNIT SALE S UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Key residential projects include:
$ MARKET CONDITIONS MEDIAN PRICE Q4 2024
$897K
$530K
MEDIAN PRICE Q4 2024
$580
SALES
AVERAGE DAYS ON MARKET Q4 2024
54
64
HOUSE
U N I T
RENTALS
$480
•
1 Queens Walk (65 Apartments)
•
9 Star Street (12 Units)
•
23-25 Kirksway Place (5 Units)
•
227-229 Liverpool Street Mixed-Use Development (2 Townhouses)
•
32A Brinsmead Road(4 Dwellings)
These projects will help with supply, especially in the unit market. There is still not enough stand-alone houses in the pipeline, which will put pressure on prices and stimulate a market recovery.
AVERAGE DAYS ON MARKET Q4 2024
52 Dwellings
19
19
HOUSE
U N I T
190 Units/ Apartments
2 Townhouses