Hobart Has Cheapest Rent of Capitals

July 9, 2024 4:55 pm in by

As steep as they might feel, Hobart’s rents are the cheapest of Australia’s capitals in the latest PropTrack report.

Over the past 12 months, Hobart’s median rental was $510 per week, compared to Sydney’s eye watering $740.

Melbourne’s the third cheapest at $575 a week, Adelaide at $570.

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PropTrack also found Australia’s tight rental property vacancy rate has unwound slightly, rising to 1.42% for June.

Sydney and Melbourne loosened up the most, but Hobart’s vacancies increased by just 0.1%

More activity by investors is credited for a few more properties coming up for rent across the nation.