Rents in regional areas as safe as houses
Median rent rises paint a picture of city and country divides in a post pandemic market
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Regional Australia saw the greatest rent hikes, up almost 50 percent in some areas over the past 12 months, PropTrack date reveals.
While property values have taken a dive in some regional centres, such as the Richmond-Tweed area in northern NSW, house rents in Katanning, three hours south west of Perth in WA, have risen by 47 percent to a median of $375 per week.
Port Broughton on the Yorke Peninsula north west of Adelaide, saw the next biggest rise for housing rents, up 43 percent to $340. Gatton, located between Brisbane and Toowoomba in Queensland, came in third, with a median house rent of $460, a 41 percent increase over the past year.
In a sign that post pandemic city life may be returning to ‘business as usual’, PropTrack reports the greatest increases in rental unit prices were all in inner city areas in the east coast states. The city of Melbourne unit rents recorded the highest increase of 42 percent over the past 12 months, at a median of $540 per week. The was followed by the little known Sydney inner city suburb of Darlington, up 38 percent to $565 per week and The Rocks, where unit prices rose by 35 percent to $975 per week.
Clear Island Waters on the Gold Coast recorded the highest unit increases outside Victoria and NSW, up 34 percent to $745 a week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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Australian auction sales warm up week on week as temperatures cool
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In signs that confidence is returning to the Australian property market, the combined capitals recorded their highest preliminary clearance rates since April last year, CoreLogic reports.
More than 2,290 homes went to market across capital cities last weekend with early data revealing a 71 percent clearance rate. This compares with a revised clearance rate of 64.2 percent last week. It marks the second busiest auction week to date this year.
Melbourne led the way, with 1,122 homes taken to auction. Of the 916 results collected so far, 73.5 percent were successful. It was a similar story in Sydney, with 791 homes to go under the hammer. Preliminary results indicate a clearance rate of 71.5 percent.
The smaller capitals including Brisbane, Adelaide and Canberra all experienced higher clearance rates week on week, with Adelaide out in front at 78.6 percent. It was a less spectacular result in Canberra, with a 59 percent clearance rate and in Brisbane at 56 percent.
In Perth, just three of the 13 auctions tallied so far were successful.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
