Hobart bucks trend, rents leaning lower

Canberra recorded similar falls, while Darwin sat this quarter with no change.

Hobart’s median dwelling rent — houses and units combined — was $510 per week in the three months through June, a 1.9 per cent decline. However, rents remain $10 higher today than the same time last year.

Peterswald business development manager, Dani Shields, said limited inquiries into available rental properties had necessitated adjustments in rental prices.

“This has resulted in a noticeable decrease in advertised rents,” she said.

Dani Shields, Peterswald business development manager.

---

Ms Shields said there has been a slight decline in rental prices in Hobart and its surrounds, consistent with the findings of the report.

“The rental market does exhibit seasonal fluctuations. Historically, we notice a drop in inquiries and applications between May through to October, with the most significant decline occurring in June and July,” she said.

“This is largely due to the quieter winter months when fewer leases end and people are less inclined to move.

“Last year, the decline was more significant as many people migrated back to the mainland post-Covid, adding to the typical winter slowdown.

“This year, the lesser decrease can be attributed mainly to winter, fewer leases ending during this period, and the rising cost of living, which may be preventing people from having the means to relocate.”

No.24 Shoobridge St, Glebe is listed for rent with Peterswald asking $730 per week. Picture: realestate.com.au

No.1/324 Davey St, South Hobart is available to rent with Petrusma Property for $795 per week. Picture: realestate.com.au

---

MORE: Tas homebuyers to get up to $36k July boost

Buy versus rent: Shock figures spotlight homeownership challenge

Hobart’s most recent vacancy rate peak was June last year when it reached 1.9 per cent. It is now back to a “very low” 1.24 per cent.

PropTrack economist Anne Flaherty said something that Hobart and Darwin have in common is that the rate of building new homes outstrips population growth.

“It is an answer to the rental crisis, we need more homes, especially in areas where people want to live,” she said.

“We are unlikely to see strong rental price growth in Hobart through the rest of the year.”

In regional Tasmania, the report showed the median rent for a house was $450 per week and units $380, with no quarterly price change for either.

---