Real Estate FROM COAST TO COUNTRY
Tweed Shire tops nation for rent rises By Jo Kennett THE TWEED Coast has not only made the top spot for the suburb with the highest annual rental increase in Australia, it’s made a very surprising second spot for NSW price growth as well. According to the quarterly HOOD.ai Tenant Report, Bogangar had the highest rent increase in NSW and the nation, with units jumping 52.9 per cent to $650 a week. Bogangar also has one of the lowest rental vacancy rates in
the state at 0.5 per cent, making it one of the most highly sought after rental markets in the country. Hastings Point units also made a surprise appearance on the list, recording the second biggest rental price growth in NSW and the fourth highest in the country, with an annual increase of 47.7 per cent to $650 a week. Rental vacancy rates for Hastings Point units were zero, which sounds shocking, but does not mean the suburb has no vacant rental properties. Rental properties are regarded
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as ‘officially’ vacant when they’ve been on the market for 21 days or more. When a suburb has a vacancy rate of zero per cent, it means all rental properties are being filled in less than 21 days after being listed for rent. Tweed Heads West made a surprise showing as well at number 15 for rental price growth in NSW, with a 27.3 per cent increase in house prices over the past year to a median of $649. The rental vacancy rate at Tweed Heads West was also at zero per cent. Many Tweed residents have invested in real estate in Iluka, which had the 12th highest rental growth in the state and the median rent for homes jumping 29.9 per cent to $500 a week. PropTrack economist Angus Moore said strong demand and limited housing had driven up rents in several regional areas. “Over the pandemic we have seen a big shift from cities to regional areas,” he said. “We’ve also seen, over the course of the pandemic, a lot of investors sell out rental
Bogangar topped the list for rental increases in Australia
properties.” HOOD.ai founder and CEO Tommy Fraser said the report highlighted the issue of rental affordability and warned that things could get worse for those towns on the list. “Vacancy rates are low in many parts of Australia, and often falling as well, which is putting upward pressure on rents,” Mr Fraser said. “Traditionally, when renters get
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priced out of an area, they tend to shift to a cheaper suburb nearby, but that’s become increasingly hard in the current market, which is forcing tenants to move even further in search of affordable accommodation. “If you live in any of the suburbs mentioned in this report, take note, because there’s a strong chance your landlord will increase your rent at the next rental review.”
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