Unit rents in Hobart jump

By Gerv Tacadena | 16 Jan 2020

Hobart recorded a substantial growth in rents over the past year, according to the latest report from SQM Research.

Over the 12 months ending on 12 January, weekly unit rents in Hobart increased by 23.2%. Rents for homes in the city also jumped during the period, up 9.8%.

Brisbane, Perth, and Adelaide also reported rent gains in both units and houses.

In Melbourne, unit rents were up by 1.2% while house rents declined by 0.3%.

On a national level, weekly rents for units declined by 1.1% while houses recorded a minimal growth at 0.4%.

The table below shows the changes in weekly rents in each capital city:

In terms of vacancy rates, there was a marginal increase in December to 2.5%.

All states recorded marginal upticks in vacancy rates, with Sydney recording the highest at 3.6%, followed by Darwin at 3.5% and Brisbane at 2.9%. Hobart is the lowest of all capital cities at just 0.6%.

Perth's rental market is showing minor improvements with the vacancy rate remaining steady at 2.5%.

The rise in vacancy rates was predominantly due to the seasonal movement of students and some industry-specific workers, said Louis Christopher, managing director at SQM Research.

"It is actually quite likely we have reached the peak in national rental vacancy rates with ongoing strong population growth absorbing current surplus rental stock over 2020," he said.

Top Suburbs : wallsend , lockridge , sunshine , emerald , scarborough

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