James Nelis
Grovedale, VIC+18
Hobart · Northern Suburbs
North Hobart is a vibrant, character-rich inner-city suburb known for its culinary and cultural scene. Centred around the bustling Elizabeth Street restaurant strip, it offers an eclectic mix of historic homes, trendy cafes, boutique shops, and the iconic State Cinema, creating a lively, walkable, and highly sought-after urban village atmosphere just north of the CBD.
Market snapshot
Price register · May 2026
Median house
$800,000 - $1.10M
Mid-band $950Kspread 32%
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Median unit
$600,000 - $800,000
Mid-band $700Kspread 29%
Days on market
~26-60 days
Median listing-to-sold window. Shorter = tighter buyer field.
Auction clearance
Private-treaty market
Share of auctions sold. Brisbane skews private-treaty.
Rental yield
2.9% to 3.9%
Gross yield on house stock. Premium suburbs compress.
5-year house-price growth
+17% to +37%
cumulative since 2021Who buys here
Young professionals · Foodies and culture lovers · Downsizers
5-year trend
Modelled trajectory anchored on aggregated 5-year median figures. Indicative; not month-by-month observed data.
Market analysis
The North Hobart property market is characterised by strong long-term fundamentals, including tight housing supply and high rental demand, making it a resilient performer within the Greater Hobart region. As of early 2026, the median house price sits around $940,500, with units at approximately $697,500. The market has experienced significant capital growth over the past decade, although recent performance has been mixed, with some data indicating a slight negative adjustment over the last 12 months for houses, while units have seen a more noticeable decrease.
Driving the market is the suburb's undeniable lifestyle appeal. Its proximity to the CBD, vibrant restaurant and arts scene, and charming streetscapes with a mix of Federation-era cottages and modern townhouses create consistent demand from a diverse buyer pool, including young professionals, downsizers, and investors. This is reflected in very low vacancy rates, often below 1%, which supports rental income security for investors. The rental yield for houses is approximately 3.4%, with units offering a higher yield at around 4.4%.
Supply in North Hobart is chronically constrained. The suburb is geographically small and well-established, with effectively no new land for greenfield development. Building approvals are minimal, and properties are tightly held, with an average hold period exceeding 12 years. This scarcity underpins property values and provides a buffer against market downturns. However, affordability is a growing concern, with the cost to enter the market becoming a significant barrier for some demographics. Days on market currently average around 43 days, indicating a balanced market where well-priced properties are still moving efficiently. While the broader Tasmanian market is showing signs of recovery after a period of stagnation, North Hobart's unique blend of cultural cachet and supply constraints positions it for steady, long-term capital appreciation, even if the explosive growth of previous years has tempered.
North Hobart's blend of cultural vibrancy and tightly held housing stock creates a compelling case for long-term capital growth.
Why a buyers agent
Navigating the North Hobart market requires a deep understanding of its unique property landscape. An experienced buyer's agent provides a critical advantage in a suburb where many properties are sold off-market and competition for quality listings is fierce. With a diverse mix of housing, from heritage-listed cottages to modern apartments, an agent can identify value and potential issues that an outsider might miss. They have established relationships with local selling agents, providing access to opportunities before they hit the open market. In a tightly held area where every street has its own character and price point, a local expert can guide you to make a confident, well-informed purchasing decision, ensuring you don't overpay and secure a property that truly meets your lifestyle and investment goals.
Home to Hobart's premier dining precinct, boutique shops, and the beloved State Cinema, North Hobart offers a vibrant, walkable lifestyle that is second to none.
Located just a 2km walk or a 5-minute bus ride from the city centre, North Hobart provides the perfect balance of inner-city convenience and local neighbourhood charm.
With extremely low vacancy rates, high rental demand, and a limited supply of new housing, North Hobart presents a resilient market for long-term capital growth.
The suburb boasts a beautiful collection of historic homes, from charming Federation cottages to grand Victorian residences, offering unique and appealing streetscapes.
Compare
| Metric | This suburbNorth Hobart | NearbyHobart | NearbyMoonah | NearbyNew Town |
|---|---|---|---|---|
| Median house | $800,000 - $1.10M | $825,000 - $1.10M | $575,000 - $775,000 | $750,000 - $1.00M |
| Median unit | $600,000 - $800,000 | $675,000 - $900,000 | $400,000 - $525,000 | $375,000 - $525,000 |
| Auction clearance | — | — | — | — |
| Days on market | ~26-60 days | ~17-41 days | ~10-22 days | ~16-36 days |
| Year-on-year growth | +6% to +16% | +4% to +14% | +0% to +10% | -4% to +6% |
| 5-year growth | +17% to +37% | +12% to +32% | +19% to +39% | +14% to +34% |
| Rental yield | 2.9% to 3.9% | 3.8% to 4.8% | 4.4% to 5.4% | 3.4% to 4.4% |
| Postcode | 7000 | 7000 | 7009 | 7008 |
Snapshot date varies by suburb; see individual suburb pages for figures.
The place
North Hobart is one of Hobart's most dynamic and desirable suburbs, located just two kilometres north of the central business district. Its heart is the Elizabeth Street 'restaurant strip', a bustling hub of cafes, bars, and eateries offering a wide array of cuisines, which makes it a go-to destination for food lovers. The suburb's cultural life is anchored by the iconic State Cinema, an independent art-deco cinema that shows a mix of mainstream and arthouse films.
The suburb is characterised by its charming, tree-lined streets and a diverse mix of architectural styles, from historic Victorian and Federation homes to contemporary townhouses and apartments. This variety attracts a broad demographic, including young professionals, families, and students.
For education, North Hobart is zoned for Campbell Street Primary School and Elizabeth College (Years 11-12). The well-regarded independent The Friends' School has a campus in the suburb. Other nearby schools include Goulburn Street Primary School in West Hobart and Albuera Street Primary School in Battery Point.
Public transport is excellent, with numerous Metro Tasmania bus services running frequently along Elizabeth Street, connecting the suburb to the CBD, New Town, and Glenorchy in minutes. The area is also highly walkable, with many residents choosing to walk or cycle to work in the city.
Residents have access to green spaces such as the North Hobart Oval, a major venue for local Australian rules football. The nearby Queen's Domain offers expansive parklands for recreation. For shopping, beyond the boutiques on Elizabeth Street, the Hill Street Grocer provides gourmet produce and everyday essentials.
Frequently asked
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The 5-year trajectory is a modelled curve anchored on the documented cumulative growth rate. Editorial review: 13 May 2026. Updated quarterly.
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