Home prices in regional Tasmania hit a new peak in October, and those in the North-West are now worth three times what they were two decades ago.

The latest PropTrack report shows property prices outside Tasmania's capital have increased by six per cent since this time last year and have risen staggering 54.7 per cent over the past five years.

The median price of a house in Tasmania's regions is now $530,000; however, these prices vary significantly from town to town.

Shearwater commands a median price of about $750,000, which compares to Shorewell Park in Burnie, where the median sits at $385,000.

The report showed that, on a national level, a typical Australian home is now worth nearly $65,000 more than it was a year ago.

PropTrack said that with stock on the market constrained and

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