Tenanted Hobart the apple in the eye of property investors

THERE were just 96 vacant properties available to rent in Hobart during December, as the latest SQM Research figures revealed the city has retained its place as the tightest of all capital markets.

The 0.3 per cent vacancy rate means property investors are enjoying close to full tenancy in the Tasmanian capital, while Canberra was the next tightest with a rate of 1.3 per cent.

Adelaide (1.5 per cent) and Melbourne (2.1 per cent) were both better than the national average of 2.5 per cent, while Sydney slipped outside it at 2.6 per cent.

The number of vacant properties increased monthon-month by close to 10,000 Australia-wide, which SQM Research managing director Louis Christopher attributed to seasonality.

“(Renters) in Hobart and Canberra continue to face ongoing tight rental conditions and higher rents,” Mr Christopher said. “However, the rise in Sydney was larger than expected; if these current vacancy rate levels hold in January and February, Sydney will be a tenant’s market in 2018.”

Hobart units saw the biggest leap in asking rent prices, going up by 6.7 per cent month-onmonth and now 14.9 per cent since this time last year. The only drop in asking rent was for Adelaide houses, which fell just 0.1 per cent month-on-month.