Melbourne and Hobart represent two very different investment propositions in 2026. Melbourne is Australia’s largest property market by volume, with a median house price of $935,000 and strong long-term capital growth. Hobart is Australia’s tightest rental market, with vacancy rates below 0.5% and unit yields regularly exceeding 5.5%. Here is the full GeeVee comparison.
| Metric | Melbourne | Hobart |
|---|---|---|
| Median House Price | $935,000 | $680,000 |
| Median Unit Price | $580,000 | $440,000 |
| Gross Yield (House) | 3.2% | 4.8% |
| Gross Yield (Unit) | 4.1% | 5.6% |
| 5-Year Growth | 28% | 52% |
| Vacancy Rate | 1.8% | 0.4% |
| GeeVee Score | 7.4/10 | 7.6/10 |
GeeVee Verdict
Hobart wins on yield, five-year growth and vacancy rate. Melbourne wins on liquidity, market depth and long-term population growth. For investors prioritising cash flow and lower entry prices, Hobart is the stronger 2026 play. For investors building long-term wealth in a deep, liquid market, Melbourne inner-north remains the benchmark.
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