Hobart’s most liveable affordable suburbs for renters – realestate.com.au

News Corp Australia Network

If you can find a rental in leafy Mount Nelson, snap it up fast. Picture: Supplied

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THERE are just seven homes available in Hobart’s best rental suburb for affordability and liveability.

PRD’s research team has crunched the numbers to identify suburbs that hold potential for renters.

The analysis looked for a lower median rental price compared to the city alongside ready-to-sell stock and a host of lifestyle factors.

Report author and PRD chief economist Diaswati Mardiasmo found that Hobart was among the most challenging cities to identify affordable and liveable suburbs.

For houses, Warrane, Glenorchy and Mount Nelson were the top suburbs with rents of $500, $520 and $550 per week. The vacancy rates were 1.8 per cent, 0.6 per cent and 3.4 per cent.

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A three-bedroom Mount Nelson house at No.21 Olinda Grove is priced at $580 per week (Harrison Agents).

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In the units portion of the market, Mount Nelson has a $400 per week median rent, alongside New Town and Bellerive at $435 and $450. The vacancy rates were 3.4 per cent in Mount Nelson, 1.7 per cent in New Town and 1.8 per cent in Bellerive.

On realestate.com.au today, there are four Mount Nelson units for rent ranging from $365-$490 per week. There were just three houses priced between $475 and $640 per week.

Greater Hobart’s rent to income ratio shows renters are forking out 29.9 per cent of their budget to rent houses and 25.2 per cent for units.

While this was lower than almost every other Australian city, it is still higher than one year prior.

“When combined with other increasing living costs, rent has a significant impact on the household budget, creating a stressful environment,” Dr Mardiasmo said.

The report’s liveability criteria included low crime rates, green spaces, public transport, shopping, healthcare, plus unemployment that is on par or lower than the state average.

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PRD chief economist Dr Diaswati Mardiasmo.

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Meanwhile, Real Estate Institute of Tasmania June quarter figures show the rental vacancy rate has reached its highest level in three years.

REIT president Michael Walsh said statewide it sits at 1.7 per cent, an increase of 0.5 per cent compared to the March quarter.

“These vacancies appear largely in the mid to upper ranges, and unfortunately cannot help alleviate the stress at the more affordable rental tier,” he said.

“Current market activity suggests rents in many areas have peaked.”

No.3/463 Nelson Rd, Mount Nelson is a single-bedroom units asking $365 per week (PRD).

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The report revealed Hobart’s median price for a three-bedroom house was $525 per week. This was 4.5 per cent lower quarterly and 0.9 per cent lower annually.

A two-bedroom other dwelling — such as a unit, apartment, townhouse — can be rented for $440 per week. That was a 2.2 per cent quarterly decrease and a 0 per cent change annually.