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Tasmania’s Rental Market: Suburbs with the Highest Price Increases

Posted by Nathan Grandin on April 9, 2023
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Introduction

The Tasmanian rental market has seen a surge in demand over the past year, leading to significant price increases in some of its suburbs. This guide delves deeper into Tasmania’s rental market and explores the factors driving the growth of this market. We also analyze the suburbs with the highest rental price increases in Tasmania and provide data-driven insights to help you make informed decisions for your next rental investment or living arrangements.

Factors Driving Rental Price Increases

Several factors have contributed to the rise in rental prices in Tasmania. Firstly, the COVID-19 pandemic has led to an increase in demand for rental properties, with many individuals relocating from other states and territories to Tasmania for a better quality of life. The pandemic has also led to a shift towards remote work, allowing people to work from anywhere, including Tasmania.

Secondly, the Tasmanian government has launched several initiatives to boost the state’s economy and infrastructure, such as the Tasmanian Jobs Package and the Hobart City Deal. These initiatives have attracted many individuals and businesses to Tasmania, further increasing the demand for rental properties.

Finally, the limited supply of rental properties in some of Tasmania’s suburbs has contributed to the rise in rental prices. With increased demand and limited supply, rental prices have surged in some of Tasmania’s most desirable suburbs.

Suburbs with the Highest Rental Price Increases

We have analyzed the data and compiled a list of the top suburbs with the highest rental price increases in Tasmania. Here are our findings:

  1. Hobart

Hobart has seen a significant increase in rental prices, with some suburbs experiencing up to a 35% increase in the past year. The suburbs of West Hobart, North Hobart, and Battery Point have seen the highest increases in rental prices.

  1. Launceston

Launceston has also seen a significant increase in rental prices, with some suburbs experiencing up to a 20% increase in the past year. The suburbs of East Launceston, West Launceston, and South Launceston have seen the highest increases in rental prices.

  1. Devonport

Devonport has seen a moderate increase in rental prices, with some suburbs experiencing up to a 10% increase in the past year. The suburbs of East Devonport, Devonport, and Don have seen the highest increases in rental prices.

What Does this Mean for You?

If you are a rental property investor, the surge in rental prices in Tasmania’s most desirable suburbs presents an opportunity to increase your returns. However, it is crucial to conduct thorough research before making any investment decisions.

If you are looking for a rental property, you may need to expand your search to suburbs with lower rental prices or consider alternative living arrangements, such as house-sharing or co-living spaces.

Conclusion

The Tasmanian rental market has experienced significant growth in the past year, with some suburbs experiencing up to a 35% increase in rental prices. The COVID-19 pandemic and the Tasmanian government’s initiatives have played a role in driving this growth. As a result, it is essential to conduct thorough research before making any rental investments or living arrangements in Tasmania.

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