After a brief uplift in home values in August, the PropTrack Home Price Index Report for September 2024^ confirmed prices in Hobart resumed their two-and-a-half-year downturn, falling 0.31% in the month. This saw the median home price drop to $683,000.
The city’s home values are now 0.95% below September 2023 levels, having recovered 0.87% from their June 2024 trough.
Hobart remains the weakest capital city market when comparing change from peak (-8.34%), though this follows a period of outperformance during the pandemic and strong growth in the years prior.
Across regional Tasmania, home prices fell by 0.23% in September, taking the median value to $523,000.
^ https://www.proptrack.com.au/home-price-index/
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