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Hobart rents plunge


Tenants have a better chance of nabbing a cheaper rental as prices fall across the country.

Latest figures from Domain show the rental market has become highly fragmented in recent months, hit by border closures.

In the June quarter, Hobart's median unit rent plummeted 8.4 per cent to $380 a week, houses in the capital down 4.3 per cent to $450 - both figures now roughly the amounts being paid 12 months ago. 

Hobart's record downturn is well in excess of the 3.2 and 1.2 per cent drops for units and houses respectively across Australia. 

Domain Senior Research Analyst Doctor Nicola Powell says it's a mixed bag nationally.

"The impact does vary depending on the region's exposure to tourism, migration, student population and also those industries which have been impacted by job losses," she said. 

"It seems to be those inner-city areas that have seen greater falls in rental prices." 

It follows a strong run for Hobart rentals, which saw the vacancy rate sink below 1 per cent and median rents eclipse Melbourne. 

Perth and Adelaide remain the nation's cheapest rental markets.