The suburbs once seen as Launceston’s budget option have seen the state’s strongest price growth over the past year.
According to Cotality, dwelling values across Tasmania rose a healthy 13 per cent over the past 12 months. But in parts of Northern Tasmania, growth has almost doubled that. And every single one of Tasmania’s top seven suburbs for price growth is an area long considered one of Launceston’s most affordable.
The numbers that have everyone talking
Three neighbouring northern suburbs have led the charge:
Mayfield: up 27 per cent, median dwelling value $547,000
Waverley: up 26 per cent, median dwelling value $573,000
Newnham: up 26 per cent, median dwelling value $581,000
Close behind are South Launceston, Mowbray, Summerhill and Ravenswood, each recording growth of more than 21 per cent.
To put that in perspective, a home worth $450,000 a year ago in one of these suburbs could now be worth well over $550,000.
From overlooked to in demand
So what’s driving the boom? In a word, affordability. As prices have climbed across the state, buyers have followed value, and these suburbs offered it. First-home buyers, local families and investors have all been competing for the same entry-level homes, pushing values up quickly.
The result is that homes under $500,000 are becoming increasingly rare across greater Launceston.
What the boom means for you
Homeowners and sellers: If you own in one of these suburbs, your property could be worth considerably more than you think. Now is a great time to request an appraisal and find out where you stand.
Buyers: Entry-level opportunities still exist, but you’ll need to be ready. Having finance in place and moving quickly can make all the difference, and broadening your search to nearby suburbs and surrounding towns may open up more options. Our team can help you understand where your budget goes furthest.
Landlords and investors: Growth like this can reshape your portfolio. A rental appraisal can help you make confident decisions about your investment and its long-term potential.
Commercial owners and tenants: Strong residential growth signals confidence in the northern market and often brings more people and activity into local neighbourhoods. Talk to our commercial team about what it could mean for your property or business.
Find out what your property is worth today
Whether you own in Launceston or anywhere else in Tasmania, the market is moving and our team can help you understand what it means for you. Get in touch with Harrison Agents for an obligation-free appraisal or a chat about your plans, and keep up with the latest market updates and property news.
