Local rental price hike

May 7, 2024 8:18 am in by
File image [Pixabay]

The cost of renting is now increasing faster in regional Australia than in most capitals.

New data from CoreLogic shows rents rose by four per cent in Geelong, to be sitting at just over $500 a week.

Prices rose by three per cent on the Surf Coast and Bellarine, to be at $571/week.

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Rental prices are sitting at $551 a week in the Barwon West region, an increase of more than six per cent over the last year.

Eliza Owen from CoreLogic said it showed how serious the accommodation crisis had become.

“It’s almost like demand is picking up in areas that were slowing down or were a little bit cheaper,” she said.

“Tenants are so in need of accommodation that they’re kind of exploiting those areas that were slowing down at the end of last year.”