Rents exploding in regional and inner-city locations

Rents have been surging nationwide but some regions have been hit harder than others, with average rents lifting by nearly 50 per cent annually in one Australian town.

New Proptrack data shows regional suburbs have recorded the sharpest growth in house rents over 12 months due to low vacancy rates and high demand.

The average home for rent in Katanning, 280 kilometres southeast of Perth, recorded a 47 per cent increase in 12 months, taking the average rent in the town to $375.

Rents for houses in Port Broughton, 170km northwest of Adelaide, lifted 43 per cent.

For units, rents in inner city locations continue to surge from pandemic lows as higher-density living regains its popularity post-COVID.

The average rent for an apartment in inner-city Melbourne has increased by 42 per cent in 12 months, taking the median weekly rent to $540.

Two inner-city rental markets in Sydney, Darlington and The Rocks, rounded out the top three suburbs for growth in unit rents.

Darlington unit rents have lifted 38 per cent, on average, and rents in The Rocks surged 35 per cent.

Demand for high-density living dipped during the pandemic, especially in inner city areas, in part due to border closures and migration out of cities.

But the pandemic recovery has driven demand for inner city housing and pushed rents back up.


Poppy Johnston
(Australian Associated Press)


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