Revealed: the small town where rents have skyrocketed by almost 25 percent in the last year to make it the third most expensive place to live in Australia
- The rental of a Hobart unit shot up 23.2 percent in the year until January 2020
- Now it costs $ 420.60 per week, which makes it more expensive than Melbourne
- The capital of Tasmania is now the third most expensive city in Australia after Sydney, Canberra
- Apartment leasing increased in five of Australia’s capitals, SQM Research found
Australian tenants will be reduced in 2020 with leasing expenses in a small city that will increase by almost a quarter during the past year.
Leasing an apartment became more expensive in five of Australia’s eight capital cities, according to data from SQM Research.
Life costs skyrocketed in Hobart, with an average income increase of 23.2% in the year until January 2020, by far the largest increase, in a city with an unemployment rate of only 0.6% .
Now it costs $ 420.60 per week to rent a unit in the capital of Tasmania, which makes it more expensive than Melbourne, a much larger city where it costs $ 413.90 to live in an apartment.
Life costs skyrocketed in Hobart (pictured) with average weekly rentals that increased 23.2 percent in the year to January 2020, by far the largest increase, in a city with an unemployment rate of only 0.6 percent
Hobart is not even in the top 10 of the most populous cities in Australia, but now it is the third most expensive to rent a unit behind Sydney ($ 496.20) and Canberra ($ 465.30).
The news of the average weekly income that increased in Hobart was revealed a few hours before Will Hodgman announced that he would resign as Tasmania’s prime minister after almost six years at the head of the island state.
Until last year, Hobart also had the fastest-growing real estate prices in Australia, as Sydney and Melbourne dealt with a short-lived but record slowdown.
Over the past year, unit rents also increased in Adelaide, increasing 4.1 percent to $ 341.60 and 2.9 percent in Perth, where weekly rents are typically $ 336.20.
The increases were 1.2% more modest in Melbourne and 0.4% in Brisbane, where the average weekly income is $ 377.80.
SQM Research managing director Louis Christopher said tenants will pay more in 2020.
Over the past year, unit revenues also increased in Adelaide, increasing 4.1 percent (the photo shows the Torrens River)
This happened when leases became 2.9% more expensive in Perth (Swan River in the photo)
“Although there was a small increase in vacancy rates in all cities in December due to seasonality, rising rents in most capital cities could see a move towards a homeowners market in the coming months,” he said.
The average unemployment rate in the capital cities of Australia was 2.5 percent in December.
In Hobart, however, only 0.6 percent of the properties were available for lease, compared to 1.1 percent in Adelaide and 1.7 percent in Canberra.
Sydney had Australia’s highest unemployment rate of 3.6 percent with Darwin, a distressed real estate market, not far behind 3.5 percent.