Devonport Property Market in 10 Charts

Devonport: The Northern Gateway to Tasmania

Located on Tasmania’s north coast, approximately one hour from Launceston, Devonport is a key regional centre with a well-established and diversified local economy. Key industries include health care and social assistance, retail trade, construction, education and training, and tourism.

As the primary entry point to Tasmania via the Spirit of Tasmania ferry, the city plays an important role in tourism and transport.

Devonport has experienced considerable growth over the past decade, with strong price growth continuing over the past year and low inventory contributing to upward price pressure.

Rental conditions remain very tight, with strong rental growth and healthy yields continuing to support investor cash flow.

Following this recent upswing, the key question for investors is how demand will evolve over time.

As of January 2026, Devonport’s market pressure remains high.

Among the six metrics that InvestorKit uses to assess market performance, Devonport scores:

• 3 (balanced) for affordability and growth cycle position
• 4 (strong) for price pressure and rental yield
• 5 (very strong) for rental pressure and incoming supply

Devonport’s Demographic & Economic Trends

Devonport’s population grew at peak rates of 2.07% around 2021. Since then, growth has slowed, primarily driven by a decline in internal migration. The current growth rate of 0.45%, while below the national average, represents a continued population expansion.

Economic conditions have improved. The unemployment rate has declined from a high of 9.1% during the COVID period to a more stable 5.1%. At the same time, job ads remain well above pre-COVID levels.

The economy remains at healthy levels. Unemployment remains low, and job vacancies are still elevated relative to pre-pandemic levels. This environment supports household incomes and is likely to contribute to ongoing housing demand.

Devonport’s Property Market: Sales Market Trends

Devonport has seen strong price growth over the past year, increasing by 11.6%. This growth rate exceeds the national average and has pushed the median house price to a local record of $625,000.

Days on market have recently fallen to 44 days, the lowest level since early 2024, indicating stronger demand.

As supply has declined, inventory levels have tightened significantly over the past year, falling from 5.6 in May last year to 2.35 currently. Importantly, this reduction in available stock has been accompanied by a strengthening of demand, as evidenced by increasing sales.

Devonport’s construction pipeline has shown a further declining trend in building approvals over the past six years. At 1.37%, approvals are now below average. This limited new supply in the pipeline suggests that existing undersupply is unlikely to ease in the near term.

Whilst average prices in Devonport are below the regional average, it has consistently delivered slightly higher annualised growth over the past 5, 10, and 20 years. Annual growth has accelerated over the past decade, consistent with the regional trend.

At this stage, strong current demand (Chart 4), tightening inventory (Chart 5), and limited future supply (Chart 6) will continue supporting upward pressure on prices.

Devonport’s Property Market: Rental Market Trends

Devonport’s rental market is under very high and increasing pressure. Vacancy rates have remained below 0.5% since early 2024 and have tightened further in recent months, well below the high-pressure benchmark of 2%.

This level of constraint has translated into strong rental growth, with rents increasing by 11.1% over the past year.

Rental yields in Devonport have remained stable over the past year, at a healthy 4.9%, well above the large-regional-city average. This supports continued investor interest in the market.

Devonport’s Property Market: Affordability

House prices in Devonport are currently slightly unaffordable, approximately 11% above the local affordability threshold. However, for many mainland investors, this house price level remains quite attractive.

In the meantime, rental prices, although increasing, remain relatively affordable at around 15% below the local residents’ affordability benchmark, signalling room for further growth.

Devonport’s Property Market Outlook

Over the next 6 – 12 months, we expect:

• Above-average price growth: House prices are likely to continue rising healthily as price pressure persists.
• Sustained rental growth: Rental conditions are expected to remain tight, supported by extremely low vacancy rates and relative affordability. This is likely to continue placing upward pressure on rental prices.

Devonport is the 23rd regional city we examine in this Market Pressure Review Blog Series. Stay tuned for more cities to follow! InvestorKit is a data-driven buyers’ agency that selects purchase locations using a sophisticated market pressure analysis system. This methodology has enabled our clients to achieve above-average growth and expedite their investment journey. Interested in learning more about InvestorKit’s research and services? Talk to us today by clicking here and requesting your 15-minute FREE discovery call!