Despite the growing second wave of the COVID-19 pandemic the Tasmanian real estate market has seen a minor increase of its median sale price.

This is also while property sales have dropped markedly.

Across the State the number of property sales were down considerably by 26.8 per cent for the quarter and 29.2 per cent on the same time last year.

"The most important part of this is the figures are not anything to be alarmed about," REIT president Mandy Wellings said to WILLIAMS MEDIA.

"These figures are reflective of low numbers of properties coming to the market for sale."

Stock reduction across the state:

• Hobart – down by 23.8 per cent
• Launceston – down by 28.5 per cent
• North West – down by 24.3 per cent

Although the number of sales has declined, the median sale price in Tasmania has in fact increased by 1.3 per cent for the quarter and 8.2 per cent on the June quarter last year.

"Because of the reduction in stock sales prices have stayed steady, as while Hobart and Launceston have decreased, the North West coast has risen," said Ms Welling.

"People are seeing it as affordable and still having some capital gain."

Price movement across the state:

• Hobart – down by 7.0 per cent
• Launceston – down by 0.3 per cent
• North West – up by 8.5 per cent

In addition to the declining median house prices, those properties priced in the range of $250,000 to $500,000 have experienced a 10.9 per cent decrease in sales volume in Hobart.

Properties in the $500,000 to $1M range experienced a higher percentage of decrease in sales volume being down 31.4 per cent.

Looking state-wide, house sales in the $250,000 to $500,000 range decreased 19.4 per cent compared to 31.3 per cent in the $500,000 to $1M range.

Investors continue to decline by another 8 per cent this quarter seeing them as consumers of 12 per cent of the total house sales around the State.

First home buyers are up by 4 per cent on the last quarter and hold a very comfortable 18 per cent of the total house sales this quarter. 

Launceston has experienced the largest portion of the first home buyer market, and they represent a very healthy 24 per cent of the total house sales in that region. 

The Rental Market 

"Vacancy rates are low with a moderate decrease in median rent prices except for the North West," said Ms Welling.

The vacancy rate in Hobart at 2.6 per cent has increased moderately with Launceston (2.1 per cent) and North West (2.8 per cent) both decreasing. 

The median rent for houses in Hobart has declined by 6.5 per cent and units by 6.3 per cent for the quarter.

The Launceston rental market also shown declines with houses down by 5.7 per cent and units down by 1.7 per cent.

The North West proved to be the standout with house rental prices remaining stable and units increasing by 4.2 per cent.

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