Byron Bay Rents Surge
The coveted coastal location saw rents rise by 32% in 12 months.
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Renting in regional locations has surged in the last 12 months, with the celebrity-filled Byron Bay seeing a rise of over 32% in rents in the past 12 months.
The result is five times the annual rental growth of the past five years with higher demand and limited stock fuelling the rise.
Over the past 12 months, weekly rents in Byron Bay climbed to $1150 for houses and $806 for unites – overtaking the $1083 and $797 rents for Sydney houses and units respectively, according to analysis by CoreLogic.
The sharp increase is caused by a lack of rental property supply with the area seeing just 60 properties available last month, compared to the 177 available in April of 2020.
It’s not only the Byron Bay market feeling the pinch with tight vacancies and strong demand also seeing sharp increases for houses in locales like Ulladulla on the NSW South Coast. Here, rents grew by 28.4% over the year due to rental listings falling from 228 in April of 2020 to just 73.
Outside of NSW, Broome in the Kimberley region of Western Australia notched a 28.1% rental rise while Buderim on the Sunshine coast saw rents climb 26.1%.
Further, locations like Kingscliff on the Tweed Coast (28.1%) and Noosaville on the Sunshine Coast (25.3%) are also experience rental rising.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
