Listed: Hobart and regional TAS settlements tend to grow

John McGrath reveals where to buy in Hobart and Tasmania. Image: provided

For mortgage holders, every RBA rates call feels doom and gloom – but there are rays of housing sunshine too.

John McGrath, founder and chief executive of McGrath Estate Agents, has released the McGrath Report for 2027, naming five Hobart and five more Tasmanian hotspots.

The real estate guru noted that the current correction affecting home prices nationwide this year is the eighth highest since he entered the industry 40 years ago.

He said it “felt like the fastest drop in values” he could remember.

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However, when analyzing Hobart, there were many positives to point out.

For starters, median home and condo prices have rarely been higher, with current values just shy of record highs set earlier this year.

“Confidence has returned to Hobart’s housing market,” Mr McGrath said.

“First home buyers are very active and residential values have increased by around 10 per cent in the last year.

“The city’s most affordable properties, outperforming the middle and upper end of the market, are driving the recovery, as are tight rental conditions and attractive yields.

“Even after all the growth, including live sales, Hobart house prices are expected to rise another 4 per cent next year.”

Mr McGrath also outlined the Tasmanian Government’s expectation that the state would lead the country in per capita economic growth over the next four years, supported by the state’s $40 billion infrastructure pipeline.

“Hobart is expected to be a key beneficiary, with the approved Macquarie Point stadium precinct and Hobart Airport expansion set to support the city’s employment, population growth and housing demand,” he said.

Read the full report here mcgrath.com.au

MCGRATH’S HOBART SELECTIONS

Chigwell

Just off the Brooker Hwy, 15 minutes north of Hobart, Chigwell spent its years overshadowed by the more expensive neighboring suburbs of Glenorchy. With easy access to Glenorchy’s shopping precinct, a median home value of just over $600,000 and a rental yield of 5.3 per cent, it was inevitable that attention would turn to Chigwell.

#16 Langura Avenue, Chigwell, $650,000 plus Image: realestate.com.au

Rokeby

Ten years ago, Rokeby was nothing more than a planned vision. Now it’s full of young families with its own parks and a $35 million mall, part of a larger plan to turn the surrounding area into a satellite city of more than 20,000 people. Even after three years of strong growth, Rokeby remains one of Clarence’s most affordable suburbs and an increasingly attractive option for buyers looking for value close to Hobart.

Taroona

For less than $1 million, you can get more than impressive views of the River Derwent. The highly regarded Taroona High School, secluded beaches, the Alum Cliffs Track and a convenient 10km drive to the CBD make it one of Hobart’s best kept family towns. No wonder owners stay an average of 13.5 years.

#15 Oakleigh Avenue, Taroona $950,000-plus Image: realestate.com.au

New Norfolk

Few places within commuting distance of Hobart offer as much character for the money as New Norfolk. Heritage homes, generous blocks, award-winning dining and a median home price of $544,000 continue to attract buyers looking for a value package.

No.1 Tynwald Rd, New Norfolk is on the market for “offers over $1.7 million”.

Gagebrook

Once overlooked, Gagebrook is undergoing a significant transformation thanks to a major redevelopment as part of the Government’s northern development corridor. New home and land opportunities, improved amenities and a strong rental yield of 6.2% help make it one of Hobart’s most attractive entry-level markets.

MCGRATH’S REGIONAL TASMANIA SELECTION

Mayfield – Launceston

Mayfield offers exceptional value with median house prices below $530,000 and easy access to the CBD, UTAS Newnham, Australian Maritime College and Mowbray shopping precinct. Although house values rose by 27.9 per cent last year, yields remain at around 5.6 per cent, making Mayfield one of Launceston’s most attractive first home buyer and investor markets.

#12 Mayfield St, Mayfield is for sale at over $525,000. Image: realestate.com.au

Waverley – Launceston

Waverley’s evolution continues, with Launceston Council earmarking the suburb for an additional 3,200 homes and a village centre, while preserving its scenic views and semi-detached character. Median home prices remain below $550,000, with homes being held tightly and sold in less than three weeks.

East Devonport – Devonport

Across the Mersey River from Devonport’s CBD, East Devonport is benefiting from the $240 million redevelopment of Spirit Quay, the opening of the new Spirit of Tasmania terminal and the next phase of the Living City regeneration. Offering the best of both worlds with urban convenience and a comfortable living feel, homes are still priced under $550,000.

No.12 Skyline Dr, East Devonport, “Offers over $1.05 million”. Image: realestate.com.au

Spreyton – Devonport

Working gardens, family businesses and a long farming history give Spreyton a strong sense of identity – attracting buyers to its larger blocks, unfinished environment and strong community links. Five minutes south of Devonport’s CBD, buyers are paying an average of $685,000 for the increasingly hard-to-find lifestyle.

No.16 Ronan Ct, Spreyton, “offering over $775,000”. Image: realestate.com.au

Park Grove – Burnie

Park Grove has become one of Burnie’s most sought-after family towns, with top-notch Catholic schools, leafy streets and the CBD just minutes from home. Burnie’s transformational pipeline of industrial, residential and coastal investments adds to its appeal, while home values remain around $623,000.