Rental vacancy rates remain "significantly below" an average rate expected, despite a report suggesting pressure is easing in Launceston and Tasmania's North-East.
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CoreLogic released its Quarterly Rental Review for the first quarter of this year and it found the rental vacancy rate had increased to 1.9 per cent in Launceston and Tasmania's North-East, compared to 1.4 per cent 12 months ago.
CoreLogic Economist and report author Kaytlin Ezzy said although the rate had eased in the time since a record low of 0.9 per cent in August 2021, the rate was still "significantly below" an average rate expected.
Ms Ezzy said the research had found an increase in new rental listing trends across regional Tasmania.
"We have started to see new rentals on the market, although the total number of listings is still low because they are being snapped up," Ms Ezzy said.
"Across the rental and for sale market, listings across Tasmania has held quite low for quite a while. Even though it is now inching towards the five year average, it's still below the historical average."
Incentives for investors following the Reserve Bank's decision to freeze interest rates, she said could have a positive impact on the market.
"Interest rates going on hold might see more go into the rental market, with the guarantee of what's to come," she said.
The report also found rental values rose by one per cent in Launceston and the North-East over the past three months. The region has a median rental value of $476 weekly, which is $29 higher than state's median. However the Greater Hobart region is nearly $100 more expensive per week.
Ms Ezzy said the low vacancy rates was pushing the rental values higher.
She said quite a number of factors had placed pressure on the rental market. She listed migration, supply not keeping up with demand and withdrawal of investors cashing in with rising interest rates had all swayed the market.
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Molly Appleton
Molly Appleton is a senior journalist at The Examiner, having formerly worked at The Advocate as a news and sports reporter. She brings a passion for storytelling and knowledge of Tasmania across the three major regions. For any story ideas contact her on 0448 184 160.
Molly Appleton is a senior journalist at The Examiner, having formerly worked at The Advocate as a news and sports reporter. She brings a passion for storytelling and knowledge of Tasmania across the three major regions. For any story ideas contact her on 0448 184 160.
