LAUNCESTON houses put up for sale are getting snapped up at the fastest rate in five years, according to the latest RP data.
The city's houses spent an average of 102 days on the market in the year ending on January 31, down from 150 days the previous year.
It is the quickest turnaround time since 2009, when Launceston houses spent an average of just 70 days on the market.
Figures showed the average value of Launceston houses lifted by a few thousand dollars compared with the same time the year before.
However, average weekly rental yields remained the same.
Across the state, houses spent an average of 107 days on the market, down from 119 days the previous year.
The time Launceston units spent on the market before being sold almost doubled in the past 12 months - up from 70 days to 134 days.
Prices obtained for the city's units rose by about $19,000, with the average weekly rent climbing $25.
The number of days units across the state spent on the market also rose slightly.
Hadspen was ranked the most affordable Tasmanian suburb to buy a unit, with 11 sold throughout the year at an average price of $161,000.
Zeehan, on the state's West Coast, was identified as the cheapest place to buy a house.
The most expensive suburb to buy a house or unit was Battery Point.