Regional NSW topped the tables for rental growth achieved for units. RENTAL growth for units in regional NSWare the highest in the country,a new report has shown.
The latest data from CoreLogic revealedmedian rental rates for units in regional NSW rose by 3.1 per centto $330 aweek duringthe December 2015 quarter, the largest rise of any broad regional market.
The highest rental growth for units in NSW was in the Murray region whererentincreased by 4.5pcover the quarter to $230/week.
Multiple states achieved negative growth for the same housing stock.Rental growth for units in Tasmaniaplummeted to -4.2pc, in Western Australia they fell to -3pc and in Queensland they dropped by-2pc.
CoreLogic research analystCameron Kusher said the growth achieved in NSW was pushed along by strong markets on the East Coast.
“Much of this is being driven by the strength seen in the Illawarra and Mid-North Coast regions, which are both host to a relatively large unit rental market. To a lesser extent, the strong growth across the Murray unit rental market has contributed, however,there are far fewerunits available to rent across this region,” Mr Kusher said.
He said therental growth achievedin small towns like those in the Murray regiontended to jump aroundas the median rental rate was more dependent on the type of stock advertised over the given period.
CoreLogic’sdata showedthe most expensive rental markets for both houses and unitsoutside Sydneywere the Richmond-Tweed region (where it costs an average of $430/week for houses and $390/week for units) and the Illawarra region (where it costs$440/week for houses and $380/week for units).
Mr Kusher said these two markets both have quite substantial employment hubs and have a strong tourism industry.
Rentgrowth for houses in regional NSW didn’t achieve the same growth as units. Growth for this stock was steady in the last quarter of 2015 where themedian weekly rent for a house was$350.
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