Regional rents continued to outpace capital city rents in 2021

Maitland Mercury, 20 July 2021:

Rents across regional Australia surged by 11.3 per cent in the year ending June 2021, the highest annual growth figure since data firm CoreLogic began records in 2005.

Increases were most pronounced in Tasmania's South East region, including Bicheno, Bruny Island and Huonville, with combined rents for houses and units increasing a whopping 23.7 per cent to $430 per week.

Tasmania aside, many of the largest gains were found in regional Queensland, Western Australia and NSW, with many traditional tourist hotspots seeing the greatest growth.

The Richmond-Tweed region, home to well-known lifestyle enclaves like Ballina, Byron Bay and Lismore recorded regional NSW's highest increase, with combined rents rising by 19.0 per cent over the 12 month period to $620 per week.

Immediately south to Richmond-Tweed, the Coffs Harbour-Grafton region recorded combined rental growth of 16.7 per cent to $525 per week.

In the Southern Highlands-Shoalhaven region, which includes Nowra, Berry and Mittagong, rents rose 15.8 per cent to $549 per week.

Rents in regional Victoria recorded lower increases. The Latrobe-Gippsland region, which includes population centres such as Sale, Bairnsdale and Morwell, recorded the greatest increase in combined dwelling values at 10.4 per cent.

CoreLogic's Head of Research Australia, Eliza Owen said that regional Australia had been suffering from low levels of rental stock, likely contributing to an increase in prices…..

Regional rents continued to outpace capital city rents in the most recent quarter, though there are signs that both markets may be slowing, according to Ms Owen.

Regional rents increased by 2.7 per cent during the quarter compared to a 1.9 per cent for capital cities, both down on the previous quarter…….