News and Views
TasRents: Median rents up by 25% in a year in Central North
Last quarter we talked about ignominious firsts – new thresholds of high rents that were reached in Tasmania, Hobart and Southern Tasmania.
Whilst rents in Southern Tasmania are not exactly slowing, it is the North and the North West of the State this quarter that recorded worryingly high increases in median rents.
All regions in the North and the North-West except the West Coast experienced double digit increases for two and three-bedroom properties compared to the same time last year. In Greater Burnie and Greater Devonport, rents for two-bedroom properties increased by 22% and 12% respectively, and tenants who have moved into three-bedroom properties are now paying 12% (Greater Devonport) or 18% (Greater Burnie) more than last year.
The Inner and Outer Launceston regions changed at a similar rate, two-bedroom rentals are now 13% and 17%more expensive respectively compared to the March 2021 quarter. Rents for three-bedroom properties increased by 19% in Inner Launceston and 18% in Outer Launceston.
However, the Central North region which consist of the Councils of West Tamar (excluding Riverside), Meander Valley and the Northern Midlands takes the cake! The median rent for three-bedroom properties in the Central North increased from $360 in the March 2021 quarter to $450 in the March 2022. This equates to a year-on-year increase of 25%.
This is the second biggest increase of median rent for three-bedroom properties in a year that we have ever seen in Tasmanian Rent reports (which go back to December 2014). This is only topped by Hobart recording a year change of $92 three-bedroom properties in the September Quarter 2017.
Find the full Tasmanian Rents March Quarter 2022 issue here.