Rents Increasing At Fastest Rate In 14 Years
With regional areas outpacing the capital cities.
< 1 min
It’s not only homebuyers feeling the pocket pinch with rental rates surging by 3.2% nationally.
According to Corelogic’s Rental Review for the March 2021 quarter, the drivers of growth are diverse with the regions, Darwin and Perth collectively driving much of the increase.
Across combined regional markets, rents rose 4.1% in the first quarter of 2021 according to the report. Elsewhere rents in the combined capitals increased 2.9% by comparison.
Regional units recorded the highest quarterly rental growth of 4.8%, compared to the 2.0% rise in capital city units.
Further, capital city house rents were up 3.3% while regional houses rose by 4.0% during the period.
Darwin has shown the strongest growth in rental rates over the quarter, up 8.2% and 7.0% respectively.
Across the spectrum, Melbourne recorded the weakest growth in rents over the three months to March with house rents up 1.6%, while unit rents were unchanged over the quarter.
CoreLogic’s Research Director Tim Lawless, says “While housing rents are rising at the fastest pace since 2007, the headline reading hides the sheer diversity of rental conditions around the country. At one end of the spectrum we have Perth and Darwin where annual rental growth is well into double digits and accelerating. At the other end is Melbourne and Sydney where rents are down over the year.
“Although rents are generally rising, housing values have been rising at a faster rate which has seen rental yields compress across most of the capital cities. The exceptions are Perth and Darwin where rents have risen at a faster pace than housing values, driving a rise in yields. The opposite is true in Sydney and Melbourne where rental yields are plumbing new record lows,” added Mr Lawless.
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This home has all the conveniences of modern living set in a dramatic landscape
2 min
Plenty of people are looking to get away from it all. But most are reluctant to give up the conveniences and small luxuries of modern living.
This split-level property at 166 Westwood Street, Bridport on the north coast of Tasmania offers both, with direct access to a stunning coastline as well as easy living in a three-bedroom, Hamptons-style home. Just a 10-minute walk from Mermaids Beach in the Granite Point dress circle, the house on a 1206sqm site is a two-hour drive from Devonport and the Spirit of Tasmania terminal port.
Central to the floorplan is a generous, north facing open plan living space with raked ceilings and wraparound bay windows leading onto a sun-filled deck via sliding doors.
Entry is via a spacious reception area with integrated hall table and storage cupboard. A short hallway offers access to the master suite to the right and secondary bedrooms to the left, or through to the open plan living area to the rear.
The master suite includes a built-in robe and stylish, semi open ensuite. Sliding doors lead onto the split level deck, with a spa on the lower side to provide privacy.
The well-appointed kitchen includes a large butler’s pantry, as well as an island bench and bar area with finishes such as Carrara marble chosen to blend seamlessly into the lounge and dining area. A stone fireplace is the main focal point in this room, while ducted heating and aircon ensure that thermal comfort is maintained all year round.
At 334sqm, the house is large enough to provide room for family and friends when required, bt cosy enough for two, without spending unnecessary time on maintenance and cleaning.
With Barnbougle Dunes and Lost Farm golf courses just 10 minutes away, local wineries and mountain biking at nearby Derby, this is an ideal property for downsizers looking for a little luxury while still feeling connected to nature.
Address: 166 Westwood Street, Bridport
Inspection: By appointment
For sale: By Offer
Price guide: $2.3m t0 $3m
Agent: Andrew MacDonald, The Agency, 0409 368 151 andrewmacdonald@theagency.com.au
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