New CoreLogic data has found rent in three quarters of Australia’s biggest regional areas are now higher than ever, with Western Australia and Queensland topping the list.
The biggest increase was in Batemans Bay in NSW rising by around 6 per cent in the past three months, adding up to about $32 extra a week.
CoreLogic’s Eliza Owen joined The Briefing to explain why regional rents are soaring:
This makes it more difficult for essential workers to afford to rent in regional centres, teachers, nurses, police officers and aged-care workers.
It also makes it harder for people who can’t afford to pay rents in cities, said CoreLogic’s Head of Research Eliza Owen.
“There’s a new normal when it comes to living in regional Australia. As capital cities have continued to accelerate and that acceleration in the capitals has come from net overseas migration spiking,” Owen said.
Bunbury in Western Australia and the Sunshine Coast in Queensland each had rental prices increase by more than 4 per cent in recent months.
Tasmania’s Burnie, Somerset was the most affordable rental market at $419 per week, while the Gold Coast, Tweed Heads border region was the most expensive rental market at $827.
“If we look at some of the regional areas, places like the Gold Coast and Wide Bay in Queensland have seen a 50% increase in rent values,” she said.
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