Hobart rents tip scales at $500 per week – realestate.com.au

Hobart rents tip scales at $500 per week - realestate.com.au

Hobart rents price extra per week than Brisbane, Perth, Adelaide and Melbourne. Image: Equipped

THE typical Hobart house renter is forking out $26,000 per 12 months to place a roof over their head, a report has revealed.

Renters within the southernmost capital are paying a median lease of $500 per week, a sum 6.4 per cent greater than on the identical time final 12 months.

Hobart rents are dearer than Melbourne ($440 per week), Brisbane ($485), Adelaide ($450) and Perth ($460). And the hole between Melbourne and Hobart is over $3000 per 12 months.

For these renting a Hobart home, costs have climbed even greater — an 8 per cent year-on-year change — or $540 per week, per PropTrack knowledge. This features a -1.8 per cent discount over the September quarter.

Unit leases in Hobart are 5.9 per cent greater in the present day in comparison with one 12 months in the past, at $450 per week.

In regional Tasmania, home rents have grown 10.5 per cent yearly to a $420 per week median, items 9.4 per cent to $350, and all dwellings 11.1 per cent to $400 per week.

And whereas rents soar higher, ABS figures present Tasmanians make the bottom incomes in Australia.

Rental costs are costly in Hobart.

PropTrack director of financial analysis Cameron Kusher expects Hobart rents to proceed to rise, albeit marginally.

He mentioned Hobart’s median lease had been about $500 per week since Might of this 12 months.

“Whereas it’s nonetheless costly to lease in Hobart, the info means that rental strain is easing a bit, whereas for a while it was escalating with double-digit development,” Mr Kusher mentioned.

“In Might, rents had been up 11 per cent year-on-year, however now development has slowed to six.4 per cent.

“Whereas there’s not numerous inventory out there to lease, there’s extra alternative with listings up 9 per cent in comparison with this time final 12 months.”

PropTrack’s Cameron Kusher.

Tasmanian Council of Social Service chief government Adrienne Picone described the Tasmanian housing market as “a failed market”.

Ms Picone mentioned rental emptiness charges are persistently under 1 per cent, when a wholesome charge is about 3 per cent.

“The result’s persistent and rising inequality and a state the place increasingly more Tasmanians wouldn’t have entry to essentially the most fundamental human proper of shelter,” she mentioned.

“With lease as a proportion of revenue persevering with to blowout — way over the 30 per cent of the revenue ‘stress threshold’ — individuals are being compelled into homelessness.

“In lots of circumstances, those that handle to cling onto housing are placing up with substandard rental situations, comparable to poorly insulated properties or mould, or taking out loans merely to maintain a roof over their heads.”

Adrienne Piconne TasCOSS CEO

TasCOSS chief government Adrienne Picone.

SQM Analysis figures present Hobart has a 0.5 per cent rental emptiness charge. Hobart was final above 1 per cent in Might of 2020 and at 3 per cent in April 2012.

In the meantime, the Actual Property Institute of Australia’s newest Housing Affordability Report confirmed the stress within the Tasmanian market, naming it the “least inexpensive state or territory during which to rent a property”.


Median lease, QoQ change, YoY likelihood

Canberra $600 2.6% 9.1%

Sydney $550 1.9% 10%

Darwin $550 0% 10%

Hobart $500 0% 6.4%

Brisbane $485 3.2% 12.5%

Perth $460 2.2% 8.2%

Adelaide $450 3.4% 12.5%

Melbourne $440 3.5% 10%

Supply: PropTrack all dwellings September 2022

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