REGIONAL RENTAL MARKET UNDER PRESSURE AS AVAILABLE LISTINGS HALVE, FIGURES SHOW

Regional dwellers face a dearth of homes to rent, with the number of rental listings in many towns halving over the past year.

Strong competition for the few homes on offer is pushing up prices, with rents across regional Australia rising at almost three times the pace of the capital cities over the past year, CoreLogic research found.

A rush of city dwellers made a tree change during 2020 in search of more space while working from home due to the COVID-19 pandemic.

But even with large employers encouraging their staff back to CBD offices this year, pressure on regional rental markets has only eased a little, local agents said.

Out of 25 regional areas in CoreLogic’s Quarterly Regional Report, available rent listings halved over the year to April 2021 on average. Regional rents rose 9.6 per cent over the same time, compared to 3.3 per cent in the capital cities.

Listings have dropped sharply in areas such as the Richmond-Tweed region of northern NSW, the nearby mid-north coast, Queensland’s Sunshine Coast and Gold Coast, north-eastern Victoria’s Hume region and Bunbury in Western Australia. 

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