Australia’s Regional Rent Markets Soared
New data points to a rapid ‘tightening’ outside of capital cities.
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Rent in regional markets has increased at almost three times the rate of capital city markets in the past 12 months.
That’s according to the Corelogic Hedonic rental value index, which tracks the combined value of rent estimates for all dwelling types. The index points out that all dwelling types increased 9.6% for regional rents, while capital city markets increased 3.3%.
“Of the 25 regions analysed, total available rent listings have, on average, halved during the year,” said Corelogic head of research, Eliza Owen.
“Across these regions, the average time a rental property spent on the market has declined from 25 days in the three months to April 2020 to 17 days during April 2021.”
According to Owen, factors that influenced the tightening of the regional rent market included less people leaving the regions – due to COVID-19, an influx of people moving to the regions, boosted domestic tourism markets and rising property values.
“Creating more affordable housing in regional Australia and major cities could ease rental conditions,” added Owen.
“Having well dispersed affordable housing options can also serve to restrict internal migration based on affordability constraints.”
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More than one fifth of Australians are cutting back on the number of people they socialise with
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Australian social circles are shrinking as more people look for ways to keep a lid on spending, a new survey has found.
New research from Finder found more than one fifth of respondents had dropped a friend or reduced their social circle because they were unable to afford the same levels of social activity. The survey questioned 1,041 people about how increasing concerns about affordability were affecting their social lives. The results showed 6 percent had cut ties with a friend, 16 percent were going out with fewer people and 26 percent were going to fewer events.
Expensive events such as hens’ parties and weddings were among the activities people were looking to avoid, indicating younger people were those most feeling the brunt of cost of living pressures. According to Canstar, the average cost of a wedding in NSW was between $37,108 to $41,245 and marginally lower in Victoria at $36, 358 to $37,430.
But not all age groups are curbing their social circle. While the survey found that 10 percent of Gen Z respondents had cut off a friend, only 2 percent of Baby Boomers had done similar.
Money expert at Finder, Rebecca Pike, said many had no choice but to prioritise necessities like bills over discretionary activities.
“Unfortunately, for some, social activities have become a luxury they can no longer afford,” she said.
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