Hobart Has Cheapest Rent of Capitals

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.

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.