James Nelis
Grovedale, VIC+18
Regional Tasmania · Launceston
Launceston is Tasmania's second-largest city, a vibrant hub where historic charm meets modern living. Nestled at the confluence of the North and South Esk rivers, its streetscapes are lined with beautifully preserved Victorian and Georgian architecture. The city is famed for the stunning Cataract Gorge, a natural oasis just minutes from the CBD. A burgeoning food and wine scene, driven by the surrounding Tamar Valley's produce, adds to its appeal, creating a character that is both culturally rich and relaxed.
Market snapshot
Price register · February 2026
Median house
$625,000 - $825,000
Mid-band $725Kspread 28%
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Median unit
$425,000 - $575,000
Mid-band $500Kspread 30%
Days on market
~37-87 days
Median listing-to-sold window. Shorter = tighter buyer field.
Auction clearance
Private-treaty market
Share of auctions sold. Higher = stronger buyer competition.
Rental yield
3.5% to 4.5%
Gross yield on house stock. Premium suburbs compress.
5-year house-price growth
+38% to +58%
cumulative since 2021Who buys here
Young professionals · Families · Lifestyle-driven downsizers
5-year trend
Modelled trajectory anchored on aggregated 5-year median figures. Indicative; not month-by-month observed data.
Market analysis
The Launceston property market presents a compelling case study in post-boom consolidation and renewed growth. After the significant price surge during 2020-2022, the market entered a period of stagnation in 2023 and 2024, with some negative growth recorded for units. However, recent data indicates the market is finding a 'second wind'. As of early 2026, the median house price sits at $725,000, reflecting a modest annual growth of 1.4%. In contrast, the unit market has seen a significant correction, with a median price of $500,000 representing an 18.7% decline over the year, which may signal a prime opportunity for counter-cyclical investors.
Several key factors are driving the market's current dynamics. Affordability, relative to mainland capitals and even Hobart, remains a primary drawcard for first-home buyers and interstate migrants. This sustained demand is meeting a tight supply, evidenced by low stock on market and a vacancy rate hovering below 1%. Days on market for houses are around 62, indicating a relatively balanced but warming market.
Significant infrastructure investment is set to bolster confidence and drive long-term demand. The relocation and redevelopment of the University of Tasmania's main campus to Inveresk is a transformative project, expected to revitalise the inner city and stimulate the local economy. Furthermore, the Launceston City Heart Project and major upgrades to the city's sewer and stormwater systems (the Launceston Sewer Transformation Project) are enhancing liveability and unlocking capacity for future growth. These projects, combined with a diversified local economy spanning healthcare, manufacturing, and education, provide a stable foundation for the property market. While the rapid capital growth of the boom years is unlikely to return immediately, the combination of affordability, strong rental yields (around 4.0% for houses), and strategic infrastructure investment positions Launceston for steady, sustainable growth.
Launceston is transitioning from a post-boom plateau to a market primed for steady growth, underpinned by affordability and major infrastructure investment.
Why a buyers agent
Engaging a buyer's agent in Launceston is critical for navigating a market with unique local complexities. An expert on the ground provides an immediate advantage, particularly as Tasmanian property contracts often have no cooling-off period, demanding swift and certain decision-making. Launceston's market is not monolithic; there are distinct differences in character and value between southern suburbs like East Launceston and Newstead, known for their prestigious homes, and the more affordable northern suburbs like Invermay and Mowbray, which have higher student and renter populations. An experienced agent possesses nuanced knowledge of flood-prone areas near the rivers, pockets of public housing, and which streets are seeing rapid gentrification. They can identify whether a property in Trevallyn offers better long-term value than a similarly priced one in Kings Meadows, based on school catchments, access to amenities, and upcoming local developments that aren't always public knowledge. This insider insight is invaluable in making a confident and successful investment.
Compared to mainland capitals and Hobart, Launceston's property market offers significant value. The median house price provides a more accessible entry point for first-home buyers and a path to higher rental yields for investors.
The city is undergoing a transformation with major projects like the new UTAS campus at Inveresk and the City Heart revitalisation. This investment is creating jobs, boosting the economy, and enhancing liveability for the long term.
From the stunning Cataract Gorge to the Tamar Valley wine region, Launceston offers an exceptional lifestyle. Short commutes, a friendly community, clean air, and a thriving cultural scene make it one of Australia's most liveable regional cities.
With a consistently low vacancy rate (often below 1%) and healthy rental yields, Launceston is an attractive market for buy-and-hold investors. Demand is underpinned by a diverse population of students, professionals, and families.
Compare
| Metric | This suburbLaunceston | NearbySouth Launceston |
|---|---|---|
| Median house | $625,000 - $825,000 | $550,000 - $750,000 |
| Median unit | $425,000 - $575,000 | $375,000 - $500,000 |
| Auction clearance | — | — |
| Days on market | ~37-87 days | ~13-31 days |
| Year-on-year growth | -4% to +6% | +7% to +17% |
| 5-year growth | +38% to +58% | +43% to +63% |
| Rental yield | 3.5% to 4.5% | 3.8% to 4.8% |
| Postcode | 7250 | 7249 |
Snapshot date varies by suburb; see individual suburb pages for figures.
The place
As one of Australia's oldest cities, Launceston is a captivating blend of history, nature, and modern amenity. Its heart is defined by the heritage architecture of the CBD, with precincts like the Quadrant Mall and Brisbane Street Mall offering a mix of retail and dining. The city's most famous landmark is the Cataract Gorge Reserve, a spectacular natural canyon with walking trails, a swimming pool, and the world's longest single-span chairlift, located just a short walk from the city centre. The Seaport precinct provides a modern contrast, with waterfront apartments, restaurants, and boardwalks along the North Esk River.
Launceston is well-served by educational institutions, catering to families at all levels. Prominent schools include Launceston Church Grammar School, Scotch Oakburn College, and St Patrick's College, which are highly regarded throughout Tasmania. The University of Tasmania has a significant presence, with its new Inveresk campus set to further integrate student life with the city core.
Public transport is managed by Metro Tasmania, which operates an extensive bus network connecting the city centre with surrounding suburbs like Kings Meadows, Mowbray, and Riverside. The Launceston Regional Transit Centre on St John Street serves as a hub for both local and intercity bus services.
Residents enjoy a wide array of recreational facilities, from the green expanses of City Park and Royal Park to the Launceston Aquatic Centre. The city's commitment to infrastructure is evident in ongoing projects aimed at enhancing public spaces and improving waterways, ensuring a high quality of life for its growing population.
Frequently asked
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The 5-year trajectory is a modelled curve anchored on the documented cumulative growth rate. Editorial review: 14 May 2026. Updated quarterly.
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