Rental prices in Bunbury and the Sunshine Coast went up by more than 4 per cent in the past three months, with three quarters of Australia's biggest regional areas with higher rents than ever.
The promise of fleeing the high cost of living in Australia's capital cities and finding reprieve in the regions is fast evaporating, with rental prices in nearly every part of the country hitting record highs.
Bunbury in Western Australia and the Sunshine Coast in Queensland each had rental prices increase by more than 4 per cent in recent months, with Bunbury prices increasing by 20 per cent in the past year alone. "So it's a much faster pace of growth across rental markets, which has taken most of those markets back to record highs."She said another likely reason was consistently high interest rates, which have remained above 4 per cent after steadily rising since 2022."Having to continue to service those higher mortgage costs are likely seeing some of that excess interest rates being pushed through to your renters.
The worst performing regional areas for house prices over recent months were Ballarat, outside Melbourne, and Port Macquarie on NSW's Mid North Coast.Ballarat was also down 4.2 per cent in the past year, with average home prices now hovering at just over $540,000. "They don't have the mismatch of supply and demand that's supporting values across the rest of the country," Ms Ezzy said.
"Gladstone and Emerald and Rockhampton have seen some of the strongest growth over the past year. In fact, Rockhampton values are up about 16 per cent over the past year alone," she said.She said the consistent increase in property prices seemed "a bit contrary" given cost-of-living concerns, high interest rates and low consumer sentiment.
Property Prices Corelogic Regional Housing Cost Of Living Renting High Rent Increasing Rent Housing Crisis
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