Hobart is defying the national trend when it comes to rental prices, becoming the only Australian capital city to experience a decrease over the past year.
The latest data from PropTrack shows a 1% decline in Hobart’s median rent compared to last year, with 21 suburbs recording declining rents, 18 seeing an increase and 13 remaining unchanged.
The largest quarter-on-quarter decline was seen in Taroona houses, down by 7.39%.
Lindisfarne units and Rokeby houses decreased 2.55% and 2.51% respectively, followed by Mount Stuart units and Brighton houses down 2.44% and 2.4%.
Units in West Moonah and Howrah saw the highest rental price increases, up by 4.65% and 4.35% respectively.
The most affordable suburb to rent a house in greater Hobart was Bridgewater at $430, followed by New Norfolk and Risdon Vale at $450.
When it comes to units, Mount Stuart boasts the lowest median rent at $400, with New Town and Claremont not far behind at $430.
Despite the dip in some areas, demand for affordable rentals in Hobart remains high.
The report found finding a property under $400 per week, especially for families, can be challenging due to limited availability.
“Hobart’s quarterly results are somewhat of a mixed bag, but there were more declining areas than growing suburbs through the start of this year,” PropTrack economist Anne Flaherty said.
“However, Hobart was the only capital city that has seen rents decline over the past 12 months, although it was only a 1% change.
“All of the other capitals have seen much stronger growth.”
