Rental availability in Australia has reached a record low, except in Hobart where rental listings have surged to a decade-high level.
According to the latest rental market data from PropTrack, the number of new rentals entering the Hobart market has increased by 24.5% in the past year, while rental prices in the capital have dropped by 7.4%.
Cameron Kusher, the lead author, described these changes as “highly unusual”, but noted that some smaller cities like Darwin and Canberra have also seen rental price declines.
“Hobart was always a very affordable place to rent and that’s no longer the case,” Kusher said.
“I would suggest it’s probably people leaving Hobart, maybe going to other parts of Tasmania, or maybe even going to Melbourne or Adelaide where job prospects are stronger.”
He said demand for rentals in Hobart has also dropped, with the number of inquiries per listing on realestate.com decreasing by 57.6% over the year and rentals in the city remaining on the market for an average of 27 days.
Despite the uptick in available housing, many people find rental options in Hobart unaffordable, with rental prices sitting at about 50% of people’s average income.
