Revealed: 29 Tas suburbs where rents are now cheaper

Rental prices are adjusting across the state, with some suburbs $20 more affordable than they were in October. Search your suburb

EXCLUSIVE rental data has revealed 29 suburbs where renters can find a sharper price than what was possible three months prior.

PropTrack’s latest quarterly rental figures show 18 suburbs where house rents have declined and 11 for units.

The two largest reductions were units in Brighton and houses in Invermay, where each recorded a 4.44 per cent pricing change. This would save renters about $20 per week.

The next largest shifts were in Rosetta, Battery Point and South Hobart houses, which were down by 3.98 per cent, 3.85 per cent and 3.51 per cent.

While some suburbs recorded no change, two dozen posted quarterly price rises.

This was led by West Moonah units, which rose by 4.76 per cent to a $440 per week median rental price.

East Devonport houses climbed by 3.95 per cent and Devonport units by 3.7 per cent.

Nine Hobart suburbs have median rents at $600 per week or higher, topped by Sandy Bay ($650), Taroona ($625), Battery Point ($625) and Mount Stuart ($620).

PropTrack senior economist Eleanor Creagh said Hobart’s weekly rental price was similar to Melbourne and Adelaide.

Greater Hobart’s weekly house rent median is $550, while units are asking $455. Compared annually, house rents are flat with 0 per cent change, while units have decreased by 1.09 per cent.

Across regional Tasmania, house rents have climbed 4.76 per cent annually to reach $440 per week, and units are also up, by 5.56 per cent, to $380 per week.

Over the quarter, greater Hobart homes were 1.92 per cent cheaper, while in regional Tasmania there was no change.

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Eleanor Creagh, PropTrack senior economist.

No.5 Wandeet Pl, Sandy Bay is asking $1100 per week with five bedrooms. Nest Property. Picture: realestate.com.au

Ms Creagh said some of the pressure in the rental market was “just beginning to ease” in Hobart.

“It was small, but we did see an uplift in vacancy rates last year. Although, that figure was back down again over the last quarter,” she said.

To push the vacancy rate towards a more balanced rental market of 2-3 per cent, Ms Creagh said “Increased supply is the answer”.

“We desperately need more properties added to the available pool of rentals,” she said.

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Harcourts Hobart portfolio manager Eboni Vickery said there have been changes in the rental market in recent months, including, for the first time in years, tenants requesting rent reductions on their lease renewals.

“Inflation has had a large impact on the market, with a lot of landlords selling or looking to sell their investment properties in the near future,” Ms Vickery said.

A three-bedroom three-bathroom luxury apartment at No.3/23 Albuera St, Battery Point asking $950 per week. EIS Property.

It will cost 400 per week to lease this three-bedroom house at No.3 John St in Smithton. One Agency. Picture: realestate.com.au

“Coming into the Christmas period, we saw an influx of applications, and the number of people at inspections has increased significantly, up to 20 people at some homes.”

One of the challenges is finding a suitable rental at the right price.

“Affordability is a huge issue for tenants,” Ms Vickery said.

“When processing an application, we find that 60-70 per cent of applicants cannot afford the rent of the property they are applying for.”

MOST EXPENSIVE HOUSES

Suburb, October ‘23 rent, January ‘24 rent, QoQ, YoY

Sandy Bay $650 $650 0% -7.14%

Taroona $633 $625 -1.19% -3.85

Battery Point $650 $$625 -3.85% -3.85%

Mount Stuart $623 $620 -0.4% -1.59%

North Hobart $583 $600 3% 2.56%

West Hobart $590 $600 1.69% 4.35%

Lenah Valley $600 $600 0% 0.84%

New Town $600 $$600 0% 1.27%

Bellerive $600 $$600 0% 3%

Kingston $600 $598 0.42% 0.42%

CHEAPEST HOUSES

Suburb, October ‘23 rent, January ‘24 rent, QoQ, YoY

Smithton $370 $370 0% 5.71%

George Town $380 $370 -2.63% 2.78%

Ravenswood $370 $375 1.35% 1.35%

Somerset $380 $380 0% 0%

East Devonport $380 $395 3.95% 6.04%

Wynyard $400 $400 0% -2.44%

Ulverstone $400 $400 0% 2.56%

Devonport $400 $410 2.5% 7.89%

Mowbray $425 $420 -1.18% 0%

Invermay $450 $430 -4.44% -4.44%

Source: PropTrack