Mine revival’s rental hit

Town’s prices over $300 as Hobart eases

THE latest data on rental price increases in Tasmania in 2022 shows just what a mining resurgence can do to regional towns and their housing stock.

While Lauderdale led Hobart’s year-on-year increase, the West Coast town of Zeehan blitzed capital-city performance with a hike in rent prices of more than 26 per cent.

The PropTrack Rental Report for December shows Hobart rental prices finally started to ease because of a small increase in rental stock over the year. But in Zeehan, where the formally mothballed Avebury Nickel Mine is back in production, there is nothing available and rentals can cost more than $300 a week.

The owners of the mine are frantically building worker accommodation and West Coast Council has called for government help. Harcourts West Coast agent Jenelle Carey said there were 400 properties on her books, but no vacancies.

“Rental demand is definitely high, but there are a lot of companies and individuals buying properties at the moment so that should ease,” Ms Carey said.

The report found that the total number of properties listed for rent on realestate.com.au in Hobart grew 23.5 per cent over the past year.

But Hobart’s vacancy rate is still low at 0.9 per cent – up from 0.7 per cent a year earlier.

“Rental properties are still being snapped up quickly,” the Proptrack report said.

“The median number of days a property was listed for rent on realestate.com.au in Hobart was 17 days in December 2022, up from 14 days in December 2021.”

The suburbs in the capital with the biggest year-on-year growth were Lauderdale, with an average rent of $620 a week (up 19.23 per cent), Geilston Bay, Derwent Park, Gagebrook, Herdsmans Cove, Rosetta, Berriedale, Clarendon Vale, Rokeby and Margate.

In regional Tasmania, average rents in Zeehan rose from $230 a week to $290.

The Burnie suburb of Montello also recorded a solid 25 per cent climb in rents to $375 a week.

In Devonport, Hillcrest led the charge. Others with high growth were Hadspen, Park Grove, Somerset, Mowbray, St Leonards, Longford and George Town.

In a letter to Infrastructure Minister Michael Ferguson in June, West Coast Mayor Shane Pitt called on the state government to undertake a housing-needs assessment.

Rental properties are still being snapped up quickly POPTRACK REPORT