The homebuyer’s guide to regional Tasmania

The recent property boom saw Hobart cement its status as one of Australia’s best-performing property markets, after prices there soared by a stunning 28.1% over the 2021 calendar year.

But while home price growth in Tassie’s capital is now starting to ease, albeit at or close to record-highs, regional areas are still showing great momentum – with growth of 23% over the year to April, according to PropTrack.

Then there’s the Launceston and North East Tasmania unit market. This took the crown as the best-performing unit market in the country, after it saw a 30.9% increase in values over the 12 months to April.

Launceston and North East Tasmania’s house price growth didn’t do badly either, with median values increasing at an annual pace of 29.5%.

But while Tasmania might be Australia’s smallest state, narrowing down your options for where to buy in regional Tasmania can be surprisingly difficult. That’s because Tasmania has plenty of towns blessed with beautiful scenery, a fantastic lifestyle and strong growth prospects.

Tasmania’s sweet spots for first home buyers

It’s no secret that many Australians make the trip across the Bass Strait hoping to escape the rat race.

But regional Tasmania’s more affordable areas are catching the eyes of savvy first home buyers too, particularly after Labor’s win in the recent federal election.

Labor promised a Regional First Home Buyer Support Scheme to help 10,000 first home buyers in regional Australia get on the property ladder with a deposit of as little as 5%. As the federal government provides a guarantee of up to 15%, the buyer can avoid paying lender’s mortgage insurance.

Naturally, property price caps apply, which, in Tasmania, is set at $400,000.

So where’s a good area in regional Tasmania if that’s your maximum budget?

Well, Canstar released this guide suggesting :

George Town – in north-east Tasmania
Upper Burnie – Tasmania’s largest sea port
Somerset – to the west of Burnie
Waverley – five kilometres from central Launceston

Tasmania’s sea- and tree-change darlings

Tasmania is a wonderful place to live. So now that many of us can work anywhere, many Australians have chosen to settle here.

As a result of this lifestyle exodus, four regional Tasmanian towns saw house prices double in the five years to March 2022, according to Domain’s data:

Glamorgan-Spring Bay – on the central east coast
Launceston City – in north Tasmania
Break O’Day – on the east coast
Huon Valley – in southern Tasmania

Looking to buy in regional Tasmania? Buyers Agents Tasmania can help you buy a quality home at a fair price. To discuss your options, call 0439 639 508, email [email protected] or fill in this online form.

Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.