In the March quarter, Launceston recorded 440 sales, a 34.6 per cent increase on 2016. 

The market has recorded its highest number of sales since 2004.

The existing market is what Real Estate Institute of Tasmania president Tony Collidge described as a “perfect storm”.

“You’ve got a shortage of rentals and you’ve got a shortage in houses for sale,” he said.

Mr Collidge said some listed properties were selling within 24 hours. 

“The figures are phenomenal,” he added. 

The growth could provide the best year for the real estate sector in the past decade. 

Mr Collidge put the increased investment down to a “strong growing economy creating more employment opportunity”, and positive population growth. 

“We don’t need 20,000 or 30,000 people coming here at once – the drop feed that we’ve got, it’s absorbing any of the surplus stock we have,” he said.  

In Launceston, Harcourts reported record June sales, totalling $98.1 million.

Harcourts Tasmania chief executive Tony Morrison said the growth in interest had been astounding. 

“It was our biggest month ever, and represents an increase in almost three per cent over our previous record month,” he said. 

“Despite the number of sales listings on the decline in much of Australia, our market marches to a different beat and is rarely on the same track.

“We have seen a steady increase in listings in a number of suburbs, along with other strong indicators of a strengthening residential real estate market.”