The Tassie property market has been on fire, making home ownership an ever-increasing challenge.
For aspiring homebuyers, this means renting a little longer while you save your pennies, and for savvy investors it means taking advantage of the excellent yields on offer in some Hobart suburbs.
Take a look at the 10 most popular suburbs for renters in Hobart…
Bellerive means “beautiful river”, and with stunning views of the River Derwent it’s no wonder renters in Hobart love to call this suburb home. Median rents for units here are $340 per week, while houses go for $440 per week, and around 30 per cent of residents are renting their abodes.
Restaurants and bars aplenty, and walking distance to the CBD – what more could you want?! North Hobart is a sought-after spot for both homeowners and tenants, and with more than half the dwellings in the suburb currently being rented, it’s worth a look if you’re planning to invest. The median rent here is $392 for units, and $475 for houses.
With the University of Tasmania based here and a great restaurant and café scene, Sandy Bay is a popular spot for students and professionals alike. A house will set you back around $580 per week, but units are a more affordable $382. Around 35 per cent of residents here are renting, and the majority of accommodation is detached houses.
Cheaper than nearby New Town, but still conveniently located with schools, shops and the CBD close by, Lutana is a real rental hot spot. Units go for just $250 per week, while houses have a median rent of $357. Families make up 60 per cent of the households in Lutana, so a nice three-bedroom weatherboard would be a sound investment for an aspiring property tycoon.
Units in Bridgewater rent for just $230 per week, and you can snap up a house for $300 – no wonder it’s a popular suburb for young families in Hobart to rent a home. Less than half the properties here are owner-occupied, with renters making up the majority of residents.
At the top end of the Tassie real estate market, Battery Point is a popular spot for professionals to rent a property in Hobart. With median weekly rents of $470 for units and $600 for houses, living here doesn’t come cheap, but the convenience and prestige the area offers seem to draw tenants in without fail. Around half of those who live in Battery Point are renting, and the median house price of $1.5 million means most probably won’t be buying any time soon, giving landlords a captive market.
Almost three quarters of the housing stock in Gagebrook is rentals – and with a median weekly rent of just $275 for houses, it’s easy to see why growing families flock to this affordable area. Gagebrook began life as a Housing Commission suburb, but many of these properties have since been sold and are now on the private rental market.
In Clarendon Vale, you can rent a house for a mere $260 per week, and low house prices make it an attractive investment option. Around 65 per cent of residents are renting their homes, so you’re unlikely to face lengthy periods of vacancy. If you’re a hopeful tenant, be prepared to battle it out with loads of other applicants when you apply for a property here.
The centre of the Tassie capital is hugely popular with renters, with around 70 per cent of those living in the CBD leasing their property. Median rents aren’t cheap, reflecting the convenience of the location – units currently have a median weekly rent of $450 per week, while houses can command up to $520 per week – but the proximity to city offices, Salamanca Markets and the Hobart waterfront make it money well spent.
This northern suburb has a median rental price of $300 per week for units and $370 per week for houses, making it an affordable option for families. With a shopping centre, cinema and swimming pool, Glenorchy is well-equipped to service residents of all ages, and the local bus terminus makes travelling around Hobart a breeze. A little over 40 per cent of properties in Glenorchy are being rented.