Although it’s Australia’s smallest state, Tasmania punches well above its weight when it comes to just about every economic indicator.
And it’s not just us that thinks so.
CommSec’s most recent State of the States Report confirms Tasmania is the best-performing state in the country – a spot the Apple Isle has held for a stunning eight quarters in a row.
The quarterly report ranks each state and territory’s economic performance based on eight key indicators: unemployment, dwelling starts, retail spending, equipment investment, economic growth, construction work, population growth and housing finance. It then compares their performance on the key indicators to their long-term average.
Tasmania maintained its stronghold as Australia’s top economy by leading on four of the eight indicators – unemployment, dwelling starts, retail spending and equipment investment – and ranking second on another two: economic growth and construction work.
The good news doesn’t stop there.
According to the latest unemployment figures, for January 2022, Tasmania’s jobless rate fell to a record low of 3.8% – compared to the national average of 4.2%.
What about the property market?
No two ways about it, Tasmania’s economy has gone from strength to strength. So you might be wondering: how has that played out in the property market?
Hobart’s median property value jumped by 27.6% to $707,000 over the year to January, according to CoreLogic’s January 2022 home value index, which was the second-highest annual growth rate of all the cities.
Regional Tasmania did even better, with dwelling values increasing by a staggering 29.8% over the same timeframe.
What’s more, Launceston and North East’s unit market saw a 33.9% increase in values in the 12 months to January – making it the best performing unit market of all the regions CoreLogic analysed.
By the way, this recent stellar performance isn’t just a flash in the pan. Over the 10 years to September 2021, Australian Bureau of Statistics data shows median house prices:
- Grew by 100.6% in Hobart
- Grew by 76.0% in regional Tasmania
And the boom might not be over yet – with Hobart’s property prices tipped to surge by 9-12% over the next 12 months, according to PropTrack’s Property Market Outlook 2022.
Looking to buy a home or an investment property in Tasmania?
So it makes perfect sense why so many people – both locals and mainlanders – are interested in buying homes and investment properties in Tasmania.
With more than a decade of experience in the Tasmanian property market, Buyer’s Agents Tasmania can make your property search less stressful and time-consuming.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.