Hobart rent has exceeded Brisbane, Adelaide and Perth, and is about to catch up with Melbourne`s. (real estate website Realestate Photo)
Hobart has overtaken Brisbane, Adelaide and Perth to catch up with Melbourne, another state capital, according to real estate`s Realestate.
Hobart`s median weekly rent is just A $1 less than Melbourne`s, according to CoreLogic`s March Quarterly Rental report, (Quarterly Rental Review).
Sydney and Canberra are still Australia`s most expensive cities, with median weekly rents of A $582 and A $550 respectively, followed by Darwin at A $458, Melbourne at A $454 and Hobart at A $453.
Hobart`s quarterly rent gains were the biggest, at 3.6% and 1.5% in Canberra. In terms of annual gains, Hobart also overtook Canberra, who ranked second, with 5.4 percent and 3.6 percent, respectively.
Hobart also had a high rent yield of 5.1%, second only to Darwin (6%).
The report also shows that Hobart`s rent has risen significantly in the past 10 places. Independent housing rose 44%, flat units for 40.9%. Over the same period, Sydney ranked second in rent increases for independent homes, but far below Hobart, at 27.2 percent.
Coolidge (Tony Collidge), chairman of the real estate Institute (Real Estate Institute of Tasmania) in Tata, is not surprised by the data. He said the rise in house prices over the past three years has forced investors to charge higher rents because they face more loans and government fees such as stamp duty and land tax. He pointed out that the supply of private rental housing has reached its limit, and there is an urgent need for more rental housing.
