Glenorchy Property Market Update 1st Half 2025
Glenorchy is a vibrant suburb located just north of Hobart, between the River Derwent and Mt Wellington. Glenorchy offers a blend of natural beauty and urban conveniences, being very well connected to Hobart CBD. Combined with its rich history and amenities including schools and shopping centres, Glenorchy is an ideal location for families.
Property Trends
In Q4 2024, Glenorchy recorded a median house price of $581,500 and a median unit price of $410,000. This represents an annual (Q4 2023 - Q4 2024) softening of -2.6% for houses and -9.4% for units. Comparing Q4 2023 and Q4 2024, sales softened by -1.6% (to 125 sales in Q4 2024) for houses, but grew by 28.3% (to 59 sales in Q4 2024) for units. The slight softening in house prices reflects higher interest rates and current economic conditions. That said, in the past 6 months there was a gradual increase in property prices, suggesting a possible recovery in 2025. Buyers should act quickly to take advantage of the more affordable house prices, before there is a price recovery.
Project Development
Glenorchy will see approx. $270.7M of new projects commencing from 2025. The Hobart Showgrounds Precinct - Stage 3 – Pavilion & Dwellings ($200.0M) is a major project to commence. With 5 units/apartments and 106 dwellings coming onto the market, this will help with demand, however, it is not enough. Thus, the undersupply experienced in the Glenorchy market will continue, which will further push prices up.
Rental Market & Growth
House rental yields in Glenorchy (7010) was 4.5% as of December 2024, on par with Glenorchy LGA (4.5%) and higher than Hobart Metro (3.6%). Further, the median house rental price increased by 4.0% in the past 12 months to Q4 2024, at $520 per week. During this time, the number of houses rented decreased by -11.8% (to 314 houses in Q4 2024). This indicates an undersupplied house rental market in Glenorchy, which is beneficial to investors.
Vacancy Rates & Property Investment
Glenorchy (7010) recorded a vacancy rate of 0.3% in December 2024, below the Glenorchy LGA average of 0.4% and Hobart Metro’s 0.6%. Vacancy rates decreased in the past 12 months, indicating an even tighter rental market. Furthermore, a 0.3% vacancy rate is well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, indicating a quicker occupancy of rental properties in the Glenorchy (7010) market. This creates a conducive and sustainable environment for investors, especially with more affordable house and unit sale prices in the past 12 months to Q4 2024.
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