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Rental prices on the Far North Coast of New South Wales have climbed almost 20 per cent in the past 12 months, surpassing those in all of Australia's capital cities.
Key points:
- Houses in the Richmond/Tweed now have a median rent of $699pw
- An advocacy group says it has "never seen it this bad" and is calling for government intervention
- An agent predicts another surge of rental demand because of the latest COVID-19 lockdowns
Figures from CoreLogic's latest quarterly review show the median rent for houses in the Richmond/Tweed region is now $699 per week.
In comparison, Sydney houses are $646pw, and the national median for house rentals is just under $500pw.
Units in the Richmond/Tweed are slightly cheaper to rent at $532pw, but still significantly higher than the national median of $439pw.
Skyrocketing rents 'never this bad'
The head of Northern Rivers advocacy group Social Futures, Tony Davies, said skyrocketing rents were damaging the "social fabric" of the region by pricing out long-term locals and modestly-paid workers in industries like retail, hospitality, social services, and the creative arts.
"It will absolutely disrupt the fabric of our community if we lose all of these vital parts of our community," he said.
Houses | Median rent |
|---|---|
| Sydney | $646 |
Melbourne | $482 |
Brisbane | $505 |
Adelaide | $448 |
Perth | $479 |
Hobart | $511 |
Darwin | $618 |
Canberra | $668 |
Richmond/Tweed | $699 |
Source: CoreLogic
Mr Davies said more people were being pushed into homelessness as rental vacancy rates in areas like Tweed Heads reached 0.1 per cent.
"We're seeing more and more people with jobs, people with full time employment, who are coming to us for homelessness support," he said.
ABC News: John Gunn
)In a region that has never seen a decline in rental rates and an "off the charts" 20 per cent increase in just 12 months, Mr Davies said government intervention in social and affordable housing was crucial.
"We've never seen it this bad," he said.
"It absolutely shows that we have a housing and homelessness crisis in the region."
Richmond / Tweed | Median rent | Annual change | Median purchase value |
|---|---|---|---|
Dwellings | $620 | 19.9pc | $775,971 |
Houses | $699 | 19.6pc | $847,055 |
Units | $532 | 20.3pc | $592,018 |
Source: CoreLogic
Latest lockdown could see another surge
Northern Rivers real estate agent Lois Buckett said she had never seen a rental market like it.
Ms Buckett said the most recent COVID-19 lockdowns may result in another surge of rental demand, similar to last year, when her agency was receiving up to 80 applications per rental property.
ABC News Nic MacBean
)She said people were offering well in excess of the weekly rent.
"For example, a $500 or $550pw rental would be going to $650 or $700 and people offering 6 months up front," Ms Buckett said.
"People are ringing and saying they are wanting to get out of Melbourne and wanting to get out of Sydney. So I think we'll see a similar strength come back into the market again."