Hobart’s property market has been on a rollercoaster ride of boom and bust as the once hot commodity fell out of step with mainland markets.

The Tasmanian capital’s property market boomed in the 2010s, capped off by a pandemic resurgence as mainland buyers fled across Bass Strait in search of a sea change, Tasmania’s natural beauty or indeed the perceived safety of the island state during the pandemic.

House prices in Hobart shot up by 28 per cent in 2021, and properties were changing hands in just 17 days on average.