There have been fewer sales and fewer buyers in competition within the state's real estate market over the past three months.
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The Real Estate Institute of Tasmania on Tuesday released its June quarterly report which showed sales were down by 10.5 per cent over the first six months of 2022, compared to the same period last year.
Despite this, Tasmanian median house prices grew 2.6 per cent to $626,000 over the June quarter and unit priced remained stable at $485,000.
Land prices increased by 10.6 per cent to a median of $267,500.
Over the year, Tasmanian median prices have grown by 22.7 per cent, but first-home buyers have dropped by 12 per cent and investors are down by 10 per cent
Sales in Launceston decreased by 15.1 per cent over the quarter, although the median price nudged up to $585,000.
In the North-West, sales dropped by 3.1 per cent, but the median price rose by 3.6 per cent to $470,000.
For the first six months of this year, there were 536 houses sold for more than $1 million.
The total number of sales over this figure in 2020 was 256.
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Real Estate Institute of Tasmania president Michael Walsh said it was becoming evident multiple interest rate increases have started to slow activity in the market.
"Over the past three months, there has been a notable decline in buyer confidence and this is having an impact on the market," he said.
"Properties are taking longer to sell and multiple offers and off market sales are occurring less frequently.
"Of real concern is a retracting rental market, which is already under extreme pressure."
A three-bedroom house has a median rental asking price of $450 in Launceston, $375 in the North-West and $530 in Hobart.
Rents have risen by more than 10 per cent in Hobart and the North-West and by more than 12 per cent in Launceston over the year.
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