PHOTO: REIT president Tony Collidge said the market drop would not be as significant as on the mainland. ABC News: Rhiannon Shine

After five years of unprecedented growth Hobart’s property boom is officially over, according to data released by Tasmania’s peak real estate body.

Key points:

  • House sales in greater Hobart have fallen 16 per cent in the past year
  • Median house prices are down 1.7 per cent
  • Sale times have increased and fewer investors are buying

The latest quarterly report by the Real Estate Institute of Tasmania (REIT) shows median house prices are down, properties are taking longer to sell, and investors are turning to other states to buy.

Just a few short months ago, residential real estate was being snapped up at a record rate, but REIT president Tony Collidge said things were starting to cool.

“If the market is a clock, and 12:00pm is when it’s at the peak, we’ve probably moved to about 12:30pm,” he said.