The $520k Tasmanian city turning investors’ heads

Devonport is proving that Tasmania’s regional markets still have plenty of room to run, with strong growth, healthy yields, and major investment putting the coastal city firmly on investors’ radar.

Devonport has been gaining attention as buyers and investors look beyond Tasmania’s capital for markets offering lifestyle, value, and regional economic strength.

The north-western coastal city has been named in SPI’s FAST 50 report, which identifies 50 Australian suburbs tipped for growth over the next 12 months using a combination of investor insight and property data.

As one of Tasmania’s major regional centres, Devonport has benefited from its role as a hub for employment, education, healthcare, retail, and transport.

Similarly, beaches, parks, and community facilities have added to the lifestyle offering.

Further investment across Devonport is set to support its next phase of growth, with approved and planned projects spanning transport, port infrastructure, community facilities, and urban renewal.

The market has already been showing strength, with Devonport recording a median price of $520,000, alongside 12-month growth of 10.4 per cent and average annual growth of 8.6 per cent.

Rental returns have added to the numbers, with a median weekly rent of $470 producing a gross rental yield of 4.7 per cent.

For investors, Devonport offers an accessible entry point into a major regional centre, backed by strong recent growth, healthy rental returns, and continued investment in the city’s future.

Check the full FAST 50 report here.

This article was first published on Smart Property Investment, a sister-brand of Property Buzz.