While overall rent growth in Southern Tasmania slowed slightly in the June Quarter 2021, rent price growth is gathering speed in the North and North-West. Weighted median rents in the North grew by 4.4% in the last quarter and 7.2% in the North-West.
Furthermore, the June 2021 rent prices have risen significantly compared to 12 months earlier.
In the June quarter 2020 Tasmanian rents had seen their first drop after a period of relatively steady growth. Median weighted rents in 2020 dropped from $365 to $342 in Tasmania, from $413 to $387 in the South and from $317 to $305 in the North. Those decreases had almost completely evened out only a quarter later.
Comparing last year’s figures with the current data shows a worrying trend, which almost certainly has big impacts on people renting in Tasmania.
The biggest year on year change was recorded in the South East area, where the median rent for a three-bedroom property increased by $80 per week, followed by an increase of $70 per week in Inner Launceston and a $60 increase in the Hobart City area and the Outer Launceston area.
Find the full report here.