diff --git a/CHANGES.rst b/CHANGES.rst
index 8297769889..5767ec7792 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,3 +1,12 @@
+Synapse 0.32.1 (2018-07-06)
+===========================
+
+Bugfixes
+--------
+
+- Add explicit dependency on netaddr (`#3488 <https://github.com/matrix-org/synapse/issues/3488>`_)
+
+
 Changes in synapse v0.32.0 (2018-07-06)
 ===========================================
 No changes since 0.32.0rc1
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 20ef748b9c..81a6e06199 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -17,4 +17,4 @@
 """ This is a reference implementation of a Matrix home server.
 """
 
-__version__ = "0.32.0"
+__version__ = "0.32.1"
diff --git a/synapse/python_dependencies.py b/synapse/python_dependencies.py
index faf6dfdb8d..7632dd50b7 100644
--- a/synapse/python_dependencies.py
+++ b/synapse/python_dependencies.py
@@ -58,15 +58,13 @@ REQUIREMENTS = {
     "six": ["six"],
     "prometheus_client": ["prometheus_client"],
     "attr": ["attr"],
+    "netaddr>=0.7.18": ["netaddr"],
 }
 
 CONDITIONAL_REQUIREMENTS = {
     "web_client": {
         "matrix_angular_sdk>=0.6.8": ["syweb>=0.6.8"],
     },
-    "preview_url": {
-        "netaddr>=0.7.18": ["netaddr"],
-    },
     "email.enable_notifs": {
         "Jinja2>=2.8": ["Jinja2>=2.8"],
         "bleach>=1.4.2": ["bleach>=1.4.2"],