Where Hobart renters are paying $4000 extra annually

Pressure is mounting across greater Hobart with typical rental prices rising by thousands in scores of suburbs over the past 12 months.

RENTERS in two Hobart suburbs are paying $3640 more now compared to last year.

And in another, renters have been slugged with a $4056 year-on-year increase.

These stark figures headline PropTrack’s latest rental insights, with Sandy Bay house rents growing by $78 per week over the past year while Battery Point houses and Blackmans Bay unit rents increased by $70 per week.

The data showed Glenorchy house rents were up $55, West Moonah $53 and Bellerive $50.

Unit rents in the suburb of Hobart increased by $45 per week, followed by Kingston $40, and Lenah Valley and Battery Point both recorded $35 upticks.

Not every suburb recorded an annual increase, with the data showing a $25 reduction in West Hobart and Hobart house rents, $20 in Mount Nelson, $18 in Primrose Sands and $15 in Lewisham.

Unit rents decreased by $63 per week in North Hobart while West Hobart remained steady at $470 per week.

Over $4000 per year has been added to the cost of renting in Sandy Bay.

Meanwhile, PropTrack figures show how deep Hobart’s rental crisis remains for those with a tight budget. Just 4 per cent of Hobart houses and 20 per cent of units are listed at less than $400 per week for rent.

PropTrack senior economist Eleanor Creagh said the rental shortage was a big driver of pressure in the Hobart market.

“The only sustainable solution is an increase in the supply of rental properties,” she said.

“This could mean encouraging participation in the market from small and larger scale investors, the mum and dad investors and the larger investors via build-to-rent property development.

“Of course, this takes time. It won’t address the shortage here and now.”

Eleanor Creagh, PropTrack senior economist.

TasCOSS acting chief executive Charlie Burton said the social housing waitlist has reached record highs, and in March topped 4600 for the first time.

He said there had been a 66 per cent increase over the last decade.

“Average waiting times have also increased with Tasmanians waiting an average of 80.8 weeks for housing, up from 21 weeks a decade ago,” Dr Burton said.

TasCOSS acting chief executive Dr Charlie Burton.

“We know what must be done. There is a clear need to boost the housing supply and provide added support for renters.

“We call on the Tasmanian Government to introduce a range of measures to improve housing outcomes and ease cost of living pressures impacting Tasmanians, including: Accelerating the delivery of new social and affordable homes; introducing a cap on rent increases; introducing an empty homes levy; restricting the addition of entire homes to the short-stay accommodation market; and reviewing the Residential Tenancy Act to make renting fairer, safer and healthier for tenants.”

Last week’s State Budget revealed about $373m in grant funding will go to Homes Tasmania to deliver 10,000 new homes and units by 2032.

Per Finder’s Consumer Sentiment Tracker, 41 per cent of Tasmanians rank mortgage or rent payments as the No.1 stress for their budget.

HOUSES

Current median weekly rent, change in median rental price 

Sandy Bay $700 $78

Battery Point $690 $70

Glenorchy $540 $55

West Moonah $550 $53

Bellerive $600 $50

Kingston $600 $50

Rokeby $500 $50

Claremont $500 $40

Moonah $540 $38

Old Beach $530 $35

UNITS

Blackmans Bay $525 $70

Hobart $540 $45

Kingston $490 $40

Lenah Valley $450 $35

Battery Point $535 $35

Glenorchy $450 $30

New Town $430 $30

Claremont $420 $30

South Hobart $465 $25

Howrah $470 $20

Source: PropTrack data year ending April 2023