With indifferent population growth and a pretty tepid recent market, some investors probably dismiss Tasmanian property prima facie these days. What can’t be divined from the numbers though is that Tasmania is undeniably cool. About half of the island is given over to national parks, there are Tasmanian devils running around the place, and then there’s the Aurora Australis - it’s no wonder Tasmania is one of the fastest growing tourist destinations in the world.
If you’re intrigued by the prospect of buying a house or a unit in Australia’s most unique state, these suburbs are where you might find the strongest rental yields.
Tasmania Rental Yields in 2024
In August 2024, the median rental yield for houses in Hobart was 4%. That’s lower than Perth and Darwin but above Sydney, Melbourne, Brisbane, Adelaide and Canberra. Houses in regional Tasmania have a higher yield (4.5%), but that’s still comparatively lower than the respective regions of Western Australia, South Australia, Queensland and the Northern Territory.
For units, a median rental yield of 4.5% puts Hobart level with Darwin, but below Perth, Adelaide, Melbourne, Brisbane and Canberra. At 4.7%, units in Regional Tasmania are below the regions of every other state except New South Wales.
| Median Price | Median Weekly Rent | Rental Yield | |
|---|---|---|---|
| Houses (Hobart) | $690,000 | $535 | 4.0% |
| Units (Hobart) | $530,000 | $460 | 4.5% |
| Houses (Rest of Tas) | $510,000 | $445 | 4.4% |
| Units (Rest of Tas) | $430,000 | $380 | 4.7% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over three months.
Top Rental Yields in Tasmania
The two Tasmanian suburbs with the highest rental yields for houses as of August 2024 were Queenstown (average yield of 8.2%) and Zeehan (7.8%), both on the West Coast. With an average yield of 6%, Bridgewater took the top spot for units.
Houses
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Queenstown (7467) | West Coast | $187,500 | $295 | 8.2% |
| 2nd | Zeehan (7469) | West Coast | $200,000 | $300 | 7.8% |
| 3rd | Herdsmans Cove (7030) | Brighton | $355,150 | $440 | 6.4% |
| 4th | Mayfield (7248) | Launceston | $330,000 | $390 | 6.1% |
| 5th | Brooklyn (7320) | Burnie | $305,000 | $355 | 6.1% |
| 6th | Gagebrook (7030) | Brighton | $382,500 | $435 | 5.9% |
| 7th | Waverley (7250) | Launceston | $380,000 | $420 | 5.7% |
| 8th | Clarendon Vale (7019) | Clarence | $393,500 | $428 | 5.6% |
| 9th | Acton (7320) | Burnie | $350,000 | $380 | 5.6% |
| 10th | George Town (7253) | George Town | $350,000 | $380 | 5.6% |
| 11th | Bridgewater (7030) | Brighton | $415,000 | $440 | 5.5% |
| 12th | Ravenswood (7250) | Launceston | $360,000 | $380 | 5.5% |
| 13th | Beaconsfield (7270) | West Tamar | $388,000 | $400 | 5.4% |
| 14th | Hillcrest (7320) | Burnie | $365,000 | $370 | 5.3% |
| 15th | Chigwell (7011) | Glenorchy | $460,000 | $465 | 5.3% |
| 16th | Upper Burnie (7320) | Burnie | $400,000 | $400 | 5.2% |
| 17th | Mowbray (7248) | Launceston | $435,000 | $435 | 5.2% |
| 18th | Shorewell Park (7320) | Burnie | $352,500 | $350 | 5.2% |
| 19th | Scottsdale (7260) | Dorset | $390,000 | $385 | 5.1% |
| 20th | Newnham (7248) | Launceston | $478,000 | $470 | 5.1% |
| 21st | Risdon Vale (7016) | Clarence | $458,500 | $450 | 5.1% |
| 22nd | New Norfolk (7140) | Derwent Valley | $460,000 | $450 | 5.1% |
| 23rd | Goodwood (7010) | Glenorchy | $515,000 | $500 | 5.0% |
| 24th | Smithton (7330) | Circular Head | $385,000 | $373 | 5.0% |
| 25th | East Devonport (7310) | Devonport | $435,000 | $420 | 5.0% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over 12 months.
Queenstown and Zeehan are the standouts on this list, both more than a full percentage point above Herdsmans Cove in third (a median yield of 6.4%). Neither have spectacularly high rents - both are below the median for regional Tasmania - but this is far offset by the extremely low property prices. Houses in Queenstown and Zeehan are well below 50% of the norm for regional TAS.
The west coast of Tasmania is pretty sparsely populated, a ‘region of world-heritage listed wilderness’ to quote the Discover Tasmania website. It’s a fair way to the major urban centres of Hobart and Launceston, which might explain why property is so cheap. The comparatively strong rents might be a by-product of tourism, as well as the various mines in western Tasmania (miners come and go depending on projects so prefer to rent rather than buy).
Units
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Bridgewater (7030) | Brighton | $345,000 | $400 | 6.0% |
| 2nd | Upper Burnie (7320) | Burnie | $293,500 | $325 | 5.8% |
| 3rd | Newnham (7248) | Launceston | $340,000 | $370 | 5.7% |
| 4th | Moonah (7009) | Glenorchy | $418,000 | $450 | 5.6% |
| 5th | Rosetta (7010) | Glenorchy | $425,000 | $450 | 5.5% |
| 6th | Claremont (7011) | Glenorchy | $420,000 | $435 | 5.4% |
| 7th | East Devonport (7310) | Devonport | $321,500 | $330 | 5.3% |
| 8th | Wynyard (7325) | Waratah-Wynyard | $335,000 | $330 | 5.1% |
| 9th | Glenorchy (7010) | Glenorchy | $447,500 | $440 | 5.1% |
| 10th | Midway Point (7171) | Sorell | $465,000 | $455 | 5.1% |
| 11th | Montrose (7010) | Glenorchy | $445,000 | $435 | 5.1% |
| 12th | Latrobe (7307) | Latrobe (Tas.) | $430,500 | $420 | 5.1% |
| 13th | Youngtown (7249) | Launceston | $410,000 | $400 | 5.1% |
| 14th | New Town (7008) | Hobart | $455,000 | $443 | 5.1% |
| 15th | Lutana (7009) | Glenorchy | $438,750 | $425 | 5.0% |
| 16th | Brighton (7030) | Brighton | $467,500 | $450 | 5.0% |
| 17th | Deloraine (7304) | Meander Valley | $400,000 | $380 | 4.9% |
| 18th | Warrane (7018) | Clarence | $517,500 | $485 | 4.9% |
| 19th | Newstead (7250) | Launceston | $420,000 | $393 | 4.9% |
| 20th | Prospect Vale (7250) | Meander Valley | $439,000 | $410 | 4.9% |
| 21st | Berriedale (7011) | Glenorchy | $450,000 | $420 | 4.9% |
| 22nd | Kings Meadows (7249) | Launceston | $480,000 | $448 | 4.8% |
| 23rd | Ulverstone (7315) | Central Coast (Tas.) | $397,500 | $370 | 4.8% |
| 24th | Huonville (7109) | Huon Valley | $452,500 | $420 | 4.8% |
| 25th | Sorell (7172) | Sorell | $487,500 | $445 | 4.7% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over 12 months.
Most of these top yields for units are in and around Hobart, Launceston, and Devonport. The rest of Tasmania is pretty sparsely populated, so there aren’t too many high-density areas - most people live in houses.
Top Rental Yields in Hobart
The Hobart suburbs with the top rental yields for both houses and units were in Brighton. Herdsmans Cove (6.4%) had the highest yield for houses, while it was Bridgewater for units (6.0%).
Houses
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Herdsmans Cove (7030) | Brighton | $355,150 | $440 | 6.4% |
| 2nd | Gagebrook (7030) | Brighton | $382,500 | $435 | 5.9% |
| 3rd | Clarendon Vale (7019) | Clarence | $393,500 | $428 | 5.6% |
| 4th | Bridgewater (7030) | Brighton | $415,000 | $440 | 5.5% |
| 5th | Chigwell (7011) | Glenorchy | $460,000 | $465 | 5.3% |
| 6th | Risdon Vale (7016) | Clarence | $458,500 | $450 | 5.1% |
| 7th | New Norfolk (7140) | Derwent Valley | $460,000 | $450 | 5.1% |
| 8th | Goodwood (7010) | Glenorchy | $515,000 | $500 | 5.0% |
| 9th | Austins Ferry (7011) | Glenorchy | $595,000 | $563 | 4.9% |
| 10th | Glenorchy (7010) | Glenorchy | $555,000 | $520 | 4.9% |
| 11th | Rokeby (7019) | Clarence | $517,500 | $480 | 4.8% |
| 12th | Mornington (7018) | Clarence | $575,500 | $530 | 4.8% |
| 13th | Claremont (7011) | Glenorchy | $527,500 | $480 | 4.7% |
| 14th | Berriedale (7011) | Glenorchy | $550,000 | $493 | 4.7% |
| 15th | Warrane (7018) | Clarence | $540,000 | $480 | 4.6% |
| 16th | Midway Point (7171) | Sorell | $622,500 | $550 | 4.6% |
| 17th | Lutana (7009) | Glenorchy | $600,000 | $525 | 4.6% |
| 18th | Primrose Sands (7173) | Sorell | $480,000 | $420 | 4.6% |
| 19th | Brighton (7030) | Brighton | $587,000 | $500 | 4.4% |
| 20th | West Moonah (7009) | Glenorchy | $612,500 | $520 | 4.4% |
| 21st | Montrose (7010) | Glenorchy | $600,000 | $500 | 4.3% |
| 22nd | Rosetta (7010) | Glenorchy | $630,000 | $525 | 4.3% |
| 23rd | Moonah (7009) | Glenorchy | $620,000 | $510 | 4.3% |
| 24th | Oakdowns (7019) | Clarence | $673,000 | $550 | 4.2% |
| 25th | Dodges Ferry (7173) | Sorell | $596,000 | $480 | 4.2% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over 12 months.
Units
| Rank | Suburb (Postcode) | LGA | Median Price | Weekly Median Advertised Rent | Gross Rental Yield |
|---|---|---|---|---|---|
| 1st | Bridgewater (7030) | Brighton | $345,000 | $400 | 6.0% |
| 2nd | Moonah (7009) | Glenorchy | $418,000 | $450 | 5.6% |
| 3rd | Rosetta (7010) | Glenorchy | $425,000 | $450 | 5.5% |
| 4th | Claremont (7011) | Glenorchy | $420,000 | $435 | 5.4% |
| 5th | Glenorchy (7010) | Glenorchy | $447,500 | $440 | 5.1% |
| 6th | Midway Point (7171) | Sorell | $465,000 | $455 | 5.1% |
| 7th | Montrose (7010) | Glenorchy | $445,000 | $435 | 5.1% |
| 8th | New Town (7008) | Hobart | $455,000 | $443 | 5.1% |
| 9th | Lutana (7009) | Glenorchy | $438,750 | $425 | 5.0% |
| 10th | Brighton (7030) | Brighton | $467,500 | $450 | 5.0% |
| 11th | Warrane (7018) | Clarence | $517,500 | $485 | 4.9% |
| 12th | Berriedale (7011) | Glenorchy | $450,000 | $420 | 4.9% |
| 13th | Sorell (7172) | Sorell | $487,500 | $445 | 4.7% |
| 14th | Rokeby (7019) | Clarence | $580,000 | $500 | 4.5% |
| 15th | West Moonah (7009) | Glenorchy | $476,500 | $410 | 4.5% |
| 16th | New Norfolk (7140) | Derwent Valley | $425,000 | $360 | 4.4% |
| 17th | Lenah Valley (7008) | Hobart | $535,000 | $450 | 4.4% |
| 18th | South Hobart (7004) | Hobart | $580,000 | $480 | 4.3% |
| 19th | Blackmans Bay (7052) | Kingborough | $590,500 | $488 | 4.3% |
| 20th | Kingston (7050) | Kingborough | $585,000 | $480 | 4.3% |
| 21st | Lindisfarne (7015) | Clarence | $564,500 | $463 | 4.3% |
| 22nd | Bellerive (7018) | Clarence | $565,000 | $455 | 4.2% |
| 23rd | Howrah (7018) | Clarence | $587,500 | $455 | 4.0% |
| 24th | Mount Nelson (7007) | Hobart | $534,500 | $403 | 3.9% |
| 25th | North Hobart (7000) | Hobart | $750,000 | $530 | 3.7% |
Source: CoreLogic. Data reported to the period ending August 2024. Median values account for sales transactions over 12 months.
Looking to buy an investment property? Here are some of the top investment loans available at the moment
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
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6.19% p.a. | 6.58% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% | 90% LVR |
| Disclosure | ||||||||||
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6.29% p.a. | 6.20% p.a. | $3,092 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
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6.34% p.a. | 6.36% p.a. | $3,108 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
6.34% p.a. | 6.36% p.a. | $3,108 | Principal & Interest | Variable | $0 | $350 | 60% |
Picture by Patrick McGregor on Unsplash
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