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Launceston’s CBD, which is known as the world’s largest urban park, has become one of the cheapest places to rent a property.
According to data from Zillow, there are only five rental properties listed for rent in the CBD, while only one property is listed for $400,000.
This compares to $1.7 million in Sydney, and $2.3 million in Melbourne.
But the difference is only a small one, and if you look at the average price, it’s actually more like $1,700 per square metre.
That’s far less than the average of $1 million in the city.
«There are just so many properties that are not listed for a high price, so I’m really happy to see prices drop,» Ms Zainal said.
«I think people are just starting to realise that there’s a lot of rental properties available for a lot less than what they thought they were paying.»
The CBD’s affordable property market has also seen a decline in properties listed as affordable for more than two years.
The average affordable property is now listed for around $1 per square foot.
However, the number of properties listed with a price over $2 million has increased from 1.1 per cent to 2.9 per cent.
«There’s a real market out there for affordability that’s going to be more accessible and accessible to people who are working class and middle-class,» Ms Alford said.
The most expensive rental properties are currently listed for as much as $4 million.
While the CBD has seen a drop in the price of the most expensive properties, it is still one of Sydney’s most affordable areas.