Dwelling values in regional Tasmania have increased by 29.1 per cent over the past 12 months, according to recent CoreLogic data.
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Values increased by 1.7 per cent in regional Tasmania over the past month and 6.4 per cent over the past three months.
The annual increase of 29.1 per cent was the highest increase out of the states' regional areas.
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In Hobart, dwelling values increased by 28.1 per cent over the year, by 6.7 per cent over the past three months, and by 2 per cent over the past month.
The annual increase for Hobart was the highest out of the capital cities.
Rental yields in regional Tasmania were 4.4 per cent in October and 3.8 per cent in Hobart.
The median house value in regional Tasmania was $468,348 while units were valued at $345,963.
Property Council of Australia state executive director Rebecca Ellston said a decade of undersupply relative to increasing demand was driving price growth in Tasmania.
"Ensuring that the supply of new housing and land is sufficient to meet demand is an urgent challenge as, even with record levels of housing approvals, the data shows there remains a significant deficit in housing," she said.
"Investing in affordable housing should be one of the highest priorities for the state government.
"An investment in housing provides the dual benefits of significant job creation for the residential development sector, along with addressing growing community need.
"For decades we've been dealing with a perfect storm of poor planning decisions and excessive taxation across all levels of government.
"This has driven up construction costs, impeded supply, and resulted in the significant spike in house prices we are seeing now."
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Political reporter for Australian Community Media, based in Hobart.
Political reporter for Australian Community Media, based in Hobart.
