RENTAL LISTINGS DIP
JARRAD BEVAN
PRESSURE is mounting in Hobart’s tight rental market.
The latest PropTrack Rental Listings Report from realestate.com.au showed a -9.8 per cent fall in Hobart’s new rental listing numbers in August.
In regional Tasmania, new listings dipped further still with a -11.7 per cent reduction which marked the fewest new listings on record.
REA director of economic research, Cameron Kusher said the decline in new rental listings in Hobart may be seasonal as there was a similarly large fall in
August 2020.
“However, the drop also highlights the rental shortage currently prevalent across the city,” he said.
Compared year-on-year, Hobart’s August new listings were 8.7 per cent higher.
Mr Kusher said while there were more new listings last month than one year ago, there was “still a limited supply of stock” for rent so it “doesn’t necessarily indicate rental relief”.
“It is encouraging to see some additional stock becoming available for rent, which may help to alleviate some of the high demand in the short term.”
In total listings, the report found there had been a -3.2 per cent monthly reduction in Hobart and a 3.4 per cent increase compared to 2020.
In regional Tasmania, there was a double-digit decrease in both categories.
Real Estate Institute of Tasmania president Mandy Welling said Hobart’s rental market continues to be of concern. She described REA’s decreasing figures in the report as “staggering”.
“This disheartening figure documents the largest decrease since February 2021 in a market already under considerable pressure,” she said.
“As we see tenants and buyers alike head for the regional areas for some reprieve, there has been an epic decrease in new rentals in these areas, too – -11.7% over the previous month.
“As the demand for rental properties in Hobart and surrounding suburbs continues to intensify – and the ongoing shortfall of properties available in this space – we can expect to see this market with us for some time to come.”
Mr Kusher said Hobart’s rental crisis was evident in this latest realestate.com.au data.
He said substantially more people want to rent in Hobart than the number of properties that are available for rent.
“Such a tight rental market can cause high competition for rental properties and typically translates into rental price growth,” he said. “This is the case in Hobart, where house rents have risen by 7 per cent over the 12 months to August and unit rents are up 5 per cent.”
Across the capitals in August, new Sydney listings were up 6.7 per cent, Melbourne recorded a -16.9 per cent dip, Brisbane -3.7 per cent, Adelaide 5.4 per cent, Perth -2.2 per cent, Darwin -1.1 per cent and Canberra -29.9 per cent.