Rents in Tasmania increased slightly in the December quarter of 2024. Rents in the North increased by 1.5 per cent which was the highest in the State, while rents in the South and North West increased by 0.5 and 0.4 per cent respectively.

Rents for 3-bedroom properties rose most in the Hobart City and Kingston area by $25 per week to $600 and $595 respectively. In other areas rents for 3-bedroom properties increased only modestly (Greater Burnie +$8pw, Glenorchy City +$10pw) or not at all (Inner and Outer Launceston, the Eastern Shore).

Last week The Mercury newspaper reported that based on PropTrack data demand for Hobart rental homes is increasing, putting pressure on families and singles alike.

And that Hobart rents had increased more than any other capital city’s rents over the past quarter. The median price to rent a house in Hobart according to PropTrack was $560 per week. This was a quarterly change of 1.8 per cent and a year-on-year change of 1.8 per cent.

Looking more closely at our data for Hobart, which is data compiled by MyBond, it seems not every population group is equally hit by increases. Average overall rents (not weighted) decreased for the Hobart City Council area from $485 in September 2024 to $475 in December 2024 (-2.1 per cent). In the Greater Hobart urban area weighted median rents increased by 0.6 per cent from $498 in September 2024 to $501 in December 2024.

Increases in the Hobart area were driven by rents for 2 and 3-bedroom properties which became 3 per cent and 4.3 per cent more expensive over the last quarter. Rents for 2-bedroom properties increased from $485 to $500 per week, rents for 3-bedroom rentals rose from $575 to $600 per week in Hobart.

However, rents for smaller and larger properties decreased over the last quarter, rents for 1-bedroom homes dropped from $350 to $320 per week, rents for 4 & 5-bedroom properties decreased from $730 to $710 per week.

Find the full Tasmanian Rents December 2024 report here.

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