Record rental growth

from The Weekly Real Estate from Coast to Country, May 4, 2023

Garden Competition

By Jo Kennett

TWEED COAST suburbs have experienced some of the strongest growth in rental prices in the state in the last five years according to the latest data from PropTrack, which won’t come as a surprise to anyone who has been paying attention, or rent.

The new data reveals that some suburbs have increased in price by as much as 200 per cent. Beachside locations were popular for tenants seeking units, especially during Covid, which led to big price increases.

Senior PropTrack economist Paul Ryan said fierce tenant competition for available rental properties is leading to price increases across the country, with no relief in sight.

“Conditions at the moment point to continued strong rent price increases, and the lack of rental stock relative to continued strong demand means that in the short term, we will continue to see rents increase strongly all across the country, but particularly in capital cities,” he said.

“This is tough news for renters, with these financial pressures adding to the cost-of-living increases from high inflation.”

Since 2018, regional areas have recorded the biggest rental increases nationally and Tweed Coast suburbs once again made the top ten list for growth.

Casuarina has been named as one of the top ten suburbs with the highest five-year rental price growth for houses in NSW.

Tenants in the beachside suburb were paying a median rent of $755 per week five years ago but now they are paying a whopping median of $1,295 per week.

That’s great for owners and investors, but if you are a local tenant, well, ouch.

Bogangar/Cabarita Beach came in at number two in the list of NSW suburbs with the highest five-year rental price growth for units, jumping from $420 per week five years ago to $690, an increase of 64.29 per cent.

Kingscliff came in at number eight in the top ten list for units, jumping from $450 per week to $700, a great increase on an investment of 55.56 per cent, while houses were up 50.4 per cent from a median of $665 to $1,000.

Pottsville units were up 40.7 per cent from $430 to $605 while house rents jumped 45 per cent from $573 in 2018 to $830 now. A house in Murwillumbah rents for less than a Pottsville unit these days, up from $423 five years ago to $600, while units have jumped nearly 43 per cent from $280 to $400.

Tweed Head units have gone from $393 to $550 with homes increasing from $565 to $788.

JET Real Estate director Jason Dittmar said that the median rental for houses in Murwillumbah is up 5.4 per cent from March last year.

“What happened was in the first half of the 12 month period, rents rose dramatically, which was based on the rapid increase in property growth,” Jason said.

“They can’t increase the rent during those six or 12 month lease periods so the catch up is really just the catch up with the value of property prices.

“The rental market in Murwillumbah has always been quite strong and vacancy rates have always been quite low.

“Until the area gets more land opened up for residential housing it will always be a supply and demand issue and that is why property prices will remain high; we don’t have enough properties to sell or to rent.”

Jason said people needed to take a longer term view of the market.

“Everyone looks to the property market in the next 6 or 12 months but a lot of people still want to move here,” he said.

“We are only half an hour from the Gold Coast Airport which puts us in a good location for anyone that wants to work from home.

“One of the first things renters want to know is how good the internet connectivity is, but the new Starlink internet means wherever you want to live you can work.

“Technology is changing the way we work and the way we live.”

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