Where to find a cheaper rental in Hobart: report

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Taroona is among the Hobart suburbs where rents have fallen compared to July last year. Picture: Supplied

THIRTEEN Hobart suburbs have cheaper rental house prices now than they did last winter.

This was among the findings in PropTrack’s latest rental data covering the past quarter and year.

Tasmania’s most expensive suburb, Battery Point, saw the largest falls with 13.19 per cent coming off the median rental ask compared to mid-2023.

The suburb’s median rent is now $625 per week, having been as high as $720 in July last year.

About $50 has come off the ask in Taroona over the year, a 7.69 per cent decline, while South Hobart rentals have dipped by 7.17 per cent to $550 per week.

In the unit market, 13 of 21 suburbs showed falling rental prices.

The largest fall was in the Hobart suburb, down 8.77 per cent, followed by Blackmans Bay and Moonah, which were down by 5.88 per cent and 5.56 per cent.

PropTrack director of economic research Cameron Kusher said some of Hobart’s more affordable areas have seen the largest lift in rents.

“This talks to affordability being a real challenge, across the country but especially in Hobart,” he said.

“Over the last couple of months we have seen a small pick-up in rental growth, and supply has moderated.

“Generally, with the economic slowdown, we are starting to see landlords set realistic prices, and the potential for more Airbnbs to become available on the rental market.”

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Cameron Kusher, PropTrack’s director of economic research

Across greater Hobart, typical house rents are currently $550 per week and units $465.

PRD Hobart business development manager Amber Riley said whether a suburb is recording growing or slowing prices often depends on the area, but for the most part, rental prices are either “steady or decreasing slightly”.

“Some owners are happy to reduce their ask, as their priority is keeping the existing tenant in place or keeping a vacancy period minimal,” Ms Riley said.

“But others simply can’t reduce the price due to the dramatic increase to their outgoings and interest rates.”

Ms Riley said tenants are opting to stay where they are when possible.

“We are educating property owners to keep rent increases low, or not to put them in place for certain properties, in order to keep a good tenant and not risk a long vacancy,” she said.

“Two to three years ago, houses were somewhat unaffordable in some areas, so now that the market has adjusted and rents have come down to a more reasonable level, the option is back for tenants to secure a stand-alone house.

“In suburbs that have recorded an increase, I would put that down to there not being much available in that particular area, and with the demand still being high.”

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PRD Real Estate business development manager, Amber Riley.

On the outskirts of greater Hobart, Southern Beaches hotspot Dodges Ferry recorded an annual uptick of 8.15 per cent to bring its median house rent to $498 pre week.

Old Beach and Midway Point were the next biggest movers, up by 7.45 per cent and 7.32 per cent.

Areas where unit rents have increased the most was headlined by West Moonah, a suburb that saw the median grow from $413 to $450, or 9.09 per cent.

West Hobart, Claremont and Lindisfarne units recorded the next largest increases.

The number of rentals available in Hobart has shrunk over the past 12 months.

PropTrack figures show Hobart’s rental vacancy rate is among the tightest in Australia at 1.1 per cent. That is behind only Darwin and Adelaide.

“Hobart and Darwin are the only capital cities where new rental listings are lower now than they were one year ago, down 10 per cent,” Mr Kusher said.

“And Hobart’s total listings are also down compared to last July by 18 per cent.”

Originally published as Where to find a cheaper rental in Hobart: report