The Real Estate Institute of Tasmania's annual 2015 results report revealed strong results for Launceston.
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The city proved popular with mainland buyers, with 200 sales worth almost $59 million made to interstate buyers.
There were 1423 property sales worth a combined value of $411,365,434 made in Launceston in 2015.
Houses accounted for 1099 sales, units 184 sales and land 127 sales.
REIT president Tony Collidge said Launceston's appealing lifestyle and proximity to Melbourne will likely continue to attract mainland buyers.
Launceston was Tasmania's sixth best performing municipality, with a median property price increase of 3.6 per cent and a median property price of $274,500.
Meander Valley came in second, recording a median price increase of 5.8 per cent with a median property price of $320,000.
In the December 2015 quarter, one sale exceeded $1 million in Launceston.
A vacancy rate of 3.3 per cent across Launceston properties was recorded in the December quarter.
Tasmania continues to have the cheapest real estate in Australia, and sales activity is still more than 40 per cent below the levels of the property boom around 2005.
