Hobart home prices sat flat in October. Picture: Supplied

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WHILE national home prices reached a new record in October, the sluggish Hobart market continued to lag behind.

PropTrack’s latest Home Price Index shows a monthly change in home prices of 0 per cent in Hobart in October.

Annually, the city’s median is 0.19 per cent lower now than it was at the same time last year.

Four capital cities have prices that are setting new peaks. Meanwhile, Hobart prices are 8.4 per cent lower than the most recent peak price. That’s the largest decline in the nation.

Since the start of the pandemic and the following property boom, Hobart values remain 35.6 per cent higher today than they were in March 2020.

PropTrack senior economist Eleanor Creagh

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In regional Tasmania, prices climbed slightly by 0.12 per cent per month and 1.46 per cent annually.

Its values are 55 per cent higher than at the start of Covid.

The median house value in regional Tasmania is $521,000, and in Hobart it is $683,000.

PropTrack senior economist Eleanor Creagh described the Hobart market as “flat”.

She said it remained “weak” compared to other city markets, following a two-and-a-half-year pricing decrease and despite “having recovered a tenth of its decline over the past four months”.

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