Regional Tasmania · Devonport
Known as the 'Town of Murals', Sheffield is a vibrant regional town where art and nature spectacularly collide. Nestled in the foothills of the majestic Mount Roland, its streets form an open-air gallery of large-scale artworks depicting local history and scenery. This creative spirit, combined with its role as a gateway to Cradle Mountain and a hub for local agriculture, gives Sheffield a unique character that attracts artists, nature lovers, and tourists alike.
Market snapshot
Price register · May 2026
Median house
$425,000 - $575,000
Mid-band $500Kspread 30%
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Create Your Free ProfileLast reviewed 14 May 2026
Median unit
Detached-home market
No comparable transactions in this category.
Days on market
~41-97 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
4.8% to 5.8%
Gross yield on house stock. Premium suburbs compress.
5-year house-price growth
+40% to +60%
cumulative since 2021Who buys here
Tree-changers · Retirees · Artists and creatives
5-year trend
Modelled trajectory anchored on aggregated 5-year median figures. Indicative; not month-by-month observed data.
Market analysis
The Sheffield property market has been a story of significant growth followed by a period of stabilisation. Like many desirable regional towns, it experienced a dramatic price surge during the post-COVID boom, driven by mainland tree-changers and a renewed focus on lifestyle. This saw median prices climb significantly from the low $300,000s in 2021 to peak in the low $500,000s. In the most recent 12 months, growth has moderated to a more sustainable rate of 1.5%, indicating the market is finding its new level.
Supply and demand dynamics remain tight, a key factor supporting current price levels. Stock on market is very low, and properties have a relatively quick turnover for a regional area, averaging around 69 days. This limited supply, coupled with a very low vacancy rate of under 1%, creates a strong foundation for property values and rental income security. The rental market is robust, offering investors an attractive gross yield of approximately 5.3%, well above city averages.
The primary driver of the market is Sheffield's powerful lifestyle proposition. Its stunning natural backdrop, vibrant arts scene, and proximity to both the coast at Devonport (23km away) and the wilderness of Cradle Mountain make it a highly sought-after destination. The local economy is underpinned by agriculture and tourism, providing a stable, albeit not high-growth, economic base. While the market's fundamentals are strong, affordability has become stretched. Local incomes have not kept pace with the rapid price appreciation, which may act as a ceiling on future capital growth unless there is a corresponding rise in local wages or a new wave of external buyer demand. For investors, the thesis is less about rapid capital appreciation and more about securing a quality asset in a tightly held lifestyle location with a strong and stable rental return.
A haven for artists and adventurers, Sheffield's property market offers stable returns backed by tight supply and a world-class lifestyle.
Why a buyers agent
Purchasing property in Sheffield requires more than just an eye for value; it demands an understanding of its unique local nuances. An experienced buyer's agent provides a critical advantage in this tightly held market. They possess intimate knowledge of the town's different pockets, from the central streets with heritage homes to the rural-residential blocks with spectacular views of Mount Roland. An agent can differentiate between a premium view and one that could be built out, understand the complexities of water rights on larger blocks, and identify properties with genuine tourism potential, such as short-stay accommodation. In a market where many of the best opportunities are sold off-market or through local networks, a well-connected agent provides access to deals that outsiders would never see. They can also navigate the specific challenges of the Kentish Council's planning schemes, ensuring a buyer's plans for a property are viable before purchase.
Live with the magnificent Mount Roland as your backdrop in a town celebrated for its creative energy. Sheffield offers a tranquil, community-focused lifestyle with immediate access to hiking, mountain biking, and the wilderness of Cradle Mountain.
Investors are drawn to Sheffield for its compelling rental returns, with yields exceeding 5%. A consistently low vacancy rate below 1% and tight housing supply provide a secure foundation for a long-term investment property.
Enjoy the peace of a country town without sacrificing convenience. Sheffield is only a 30-minute drive from the amenities and airport of Devonport, and serves as a central touring base for Tasmania's entire North West coast.
As the 'Town of Murals', Sheffield has a unique identity and a thriving artistic community. Residents benefit from a calendar of local events, galleries, and a strong sense of local pride and engagement.
Compare
| Metric | This suburbSheffield | NearbyLatrobe |
|---|---|---|
| Median house | $425,000 - $575,000 | $575,000 - $775,000 |
| Median unit | — | $400,000 - $525,000 |
| Auction clearance | — | — |
| Days on market | ~41-97 days | ~21-49 days |
| Year-on-year growth | -3% to +7% | +11% to +21% |
| 5-year growth | +40% to +60% | +49% to +69% |
| Rental yield | 4.8% to 5.8% | 4.2% to 5.2% |
| Postcode | 7306 | 7307 |
Snapshot date varies by suburb; see individual suburb pages for figures.
The place
Sheffield is a picturesque and thriving town located in Tasmania's North West, approximately 23 kilometres south of Devonport. Its identity is famously tied to the hundreds of murals that adorn buildings throughout the town, creating a unique and captivating streetscape that draws visitors from around the world. The stunning backdrop is provided by Mount Roland, which offers numerous hiking trails and dominates the horizon.
For families, the primary educational institution is the Sheffield School, a comprehensive government school catering for students from Kindergarten to Year 12, which also has a campus in nearby Railton and a 64-hectare school farm.
Transport is primarily by car, with the B14 connecting Sheffield to Railton and Latrobe, and the C143 providing a direct route to Devonport. Regular bus services operated by Kinetic also connect Sheffield to Devonport, providing crucial public transport links for residents.
The town centre along Main Street is a charming hub of activity, featuring a supermarket, cafes, galleries, a post office, and essential services. The dining scene leverages the region's rich agricultural output, with a focus on local produce. For recreation, residents are spoilt for choice. The area is a gateway to world-class natural attractions, including Cradle Mountain-Lake St Clair National Park, Lake Barrington for rowing and water sports, and the extensive Wild Mersey Mountain Bike Trail network, which offers kilometres of trails for enthusiasts. The town's strong community spirit is evident in its numerous clubs, events, and the annual Mural Fest competition.
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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