This quarter saw Hobart's "strongest surge in rental prices in the city’s history": Domain
Hobart has seen the highest annual growth in median weekly house rental prices with a 13.9% increase to $410 per week, despite a decline over the quarter of 2.4%, according to the latest report from Domain.com.au.
Unit rents increased in Hobart to $360 per week, a 2.9% quarterly jump and a 12.5% annual increase, recording the highest increase both quarterly and annually across all capital cities.
Domain data analyst, Nicola Powell says that annual house rents continue to rise with 2018 providing the strongest surge in rental prices in the city’s history.
"Although Hobart did see a decline over the quarter, it is likely to be a pullback from the seasonally strong first three months of the year," Powell said.
"In under two years, Hobart has moved from being one of the most affordable capital cities in Australia for tenants to now trailing behind Perth, Adelaide and Brisbane.
"Unit rental prices have followed a similar pattern remaining more expensive than Adelaide and Perth, as well as closing the price gap on Brisbane.
"These conditions are indicative of the current affordability issues facing Hobart. While supply continues to deplete, the substantial declines in rental listings appear to have eased. As investor activity picks up, we’ve started to see a slight improvement to the deterioration previously seen in listing volumes."
