While Australian housing rental rates, as a whole, are falling at the fastest pace on record, that’s not to say that rents aren’t increasing in some parts of the country.
Going off the tables below, supplied by CoreLogic, rental rates in some areas — especially in coastal regions — are flying.
The first looks at the largest increases in median rental rates for houses by council area.
And here’s the same table, only for units, not houses.
Clearly demand is heating up, particularly in larger regional centres located in coastal areas.
“While rental rates are falling in many capital city regions, today’s data suggests that in mid-sized and coastal regional markets, rental demand is picking-up,” said Cameron Kusher, a research analyst at CoreLogic.
“These regions have also been seeing a rise in migration over recent years. Perhaps we are seeing evidence of try-before-you-buy in these regions where people are moving into the regional areas and renting before fully committing to a purchase.”
The sentiment expressed by Kusher fits with recent property sales data, released by CoreLogic in June, that revealed the value of regional property sales increased by 3.3% to $67.9 billion in the 12 months to March.