Residential property in Hobart sells for more than $3 million

The report shows the median house price in the state has lifted to $464,500.

The median house price in Launceston went up by 11.4 per cent in Launceston over 12 months to $420,000 and by 28.5 per cent in the North-West to $379,000.

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The median house price is $864,000 in inner Hobart and $595,000 in outer Hobart.

The largest median price increase over the quarter was in upper Burnie which climbed to $335,000 and in St Helens which increased to $450,500.

Smithton has the largest median price growth over a 12-month period, rising to $259,000.

With house prices, rents also increased.

This was more evident in Launceston which had a 7.1 per cent increase over 12 months for a three-bedroom home, lifting the average rent to $375 a week.

A two-bedroom home cost on average $320 a week to rent. A three-bedroom home is now averaged at a weekly rental asking price of $320 or $250 for a two-bedroom dwelling.

There were 72 homes sold in Hobart for more than $1 million over the March quarter.

The most expensive property sold went for more than $3 million

There were seven properties sold for more than $1 million in Launceston and three in the North-West.

Second-home buyers accounted for 49 per cent of the sales over the March quarter.

First-home buyers accounted for 16 per cent of the sales, buying homes at a median price of $400,000, and investors also accounted for 16 per cent of sales, buying properties at a median price of $380,000.

Investors were more active in Launceston than anywhere else, making up 27 per cent of property sales.

Almost 85 per cent of statewide property transactions over the quarter were made by Tasmanians.

Real Estate Institute of Tasmania president Mandy Welling said the state's resurgent market meant agents were struggling to find the stock needed to satisfy buyer and rental needs.