REIT says median house prices have shot up almost 15 per cent

In fact, the past year has shown such significant growth in the value and volume of property sales, Harcourts Property Consultant Andrew de Bomford said he's never seen anything like it in his 20 years on the job.

"I'm quoting say $450,000 to $500,000 for a property and four weeks later when it goes to auction it's going for $550,000 - it's happening that quickly," he said.

Propelled by a historically low cash rate and a global economy opening up, the median house price in the state has shot up almost 15 per cent since this time last year, and almost 25 per cent in Launceston. While much of the REIT report zeroes in on the property market in the suburbs and cities, the boom is also hitting the rural stretches in between.

Harcourts Nutrien director and auctioneer Michael Warren said farmsteads are taking advantage of low interest rates and similarly booming farmgate prices.

"What I'm seeing is local farming families take the opportunity to monopolise on these good prices, expand their operations and maintain their commercial size," he said.

But despite the ubiquitous rise in land value to date, neither Mr de Bomford nor Mr Warren can foresee prices dropping off any time soon.

"$300,000 has become the new $200,000 [...] and to be honest, I think we're only in the middle of it, especially once the mainland can actually get down here and see houses," Mr de Bomford said.

That view is also held by REIT president Michael Walsh, who noted that alongside the buoyant price of property there was a need to release the pressure on the rental and sales markets.

To address this, Mr Walsh called for the government's help to "expediently create more rental properties and build more established homes for sale".

Similarly, economist Saul Eslake said the rising prices are continuing to inhibit renters and first-time buyers from getting a foot on the property ladder. While calls for action on housing affordability in every state and territory are far from new, Mr Eslake did note a concerning trend slowly developing in Tasmania's cities.

"Renting a house in Hobart is more expensive than in Brisbane, Adelaide, Perth and even Melbourne, but wages here are typically 13-15 per cent lower than on the mainland," he said.

Mr Eslake also said that while ever-rising prices are good for the majority of homeowners right now, there are some worrying longer-term implications.

"The inequalities between those that own property and those that don't are widening and at some point the risk that prices more in the other direction could go up - although I don't see that happening any time soon," he said.