News Corp Australia Network

The median price to rent a Hobart house has reached $540 per week. Picture: Supplied

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FOR many renters, sacrifices will need to be made to be able to afford Hobart’s expensive rents.

In new data released Wednesday, PropTrack revealed Hobart house renters are paying the nation’s fourth highest rents, with the median sitting at $540 per week.

Australian Bureau of Statistics figures show Tasmanians are the least well equipped to fork out this type of money, as they make the lowest incomes in the nation.

With a typical weekly household income of $1358, $540 in rent would cost a Hobart rental family about 39 per cent of their pay to cover the bill.

Dwelling rents in Hobart — houses and units combined — have settled at $500 per week.

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PropTrack’s report showed the nation’s combined capital city rent was lower, at $520 per week, than what people pay in Hobart.

Melbourne, Brisbane, Adelaide and Perth median house rents range from $460 per week in Melbourne to $530 in Brisbane. The $80 weekly gap between Melbourne and Hobart equates to over $4100 per year.

Hobart house rents were steady across the December quarter compared to September, but grew 8 per cent annually.

Outside of Hobart, PropTrack found regional Tasmania’s median house rental price was $400 per week in the December quarter.

This was 2.6 per cent higher year-on-year. And only regional South Australia was more affordable at $320 per week.

Cameron Kusher from REA Group.

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PropTrack director of economic research Cameron Kusher says he expects city rental prices will continue to grow over the coming months.

“The prospects for rental price growth regionally appear to be easing,” he said.

“Demand for rental stock remains heightened and supply continues to be limited.”

January rental data from SQM Research shows 307 listings in the Hobart region.

Hobart listings have remained in the 300-plus range since May 2022.

The last time there were more than 400 options for renters was April 2021 and it has been a decade since Hobart last recorded 1000 homes available to rent.

Hobart’s rental vacancy rate is just 0.6 per cent, per SQM’s latest figures, which is among the tightest in the nation.

Real Estate Institute of Tasmania president Michael Walsh said a lack of investors presents “a big challenge” for meeting rental demand.

Institute members tell him that the rental market has “not improved at all for tenants”.

“Many property managers across the state have zero properties available. That will continue to bring its problems,” he said.

MOST EXPENSIVE RENTAL SUBURBS

HOBART

Battery Point $695

Sandy Bay $658

Dynnyrne $650

Tranmere $650

Taroona $650

REGIONAL

Blackstone Heights $535

Legana $$530

Newstead $520

Lanena $505

East Launceston $500

Source: realestate.com.au Market Trends