Rent up 5.3% in year in Richmond-Tweed region
RENTERS in the Richmond-Tweed region are digging deeper into their pockets after increases to rents last year.
The latest RP Data quarterly rental review showed the average rental house had a price tag of $400 a week - up 5.3% on 2013.
Unit rental prices increased by the second-largest amount of any region in Australia, up 9.1% last year to an average of $360 a week.
Only South Australian region Eyre had a bigger percentage increase, up 23.5% to $284 per week for an apartment.
LJ Hooker Byron Bay director Glen Irwin attributed the spike in unit rental rates to upgrades on the Pacific Hwy and an influx of out-of-town contractors taking up short-term leases.
"As it moves into different phases of construction, we're seeing a lot of different contractors come through and take up the slack in terms of rentals," Mr Irwin said.
"They normally take up a six-month contract, then construction moves into a new phase and someone else comes along."
Advertised rental rates increased nationally by 2.6% for both houses and units in 2014.
The strongest rise in a capital city market for houses was Hobart, where the median rental rate increased by 3.8%, followed by Sydney and Adelaide (2.9%), Brisbane (2.5%) and Melbourne (1.3%).
Darwin's prices fell by 0.8%, Perth's by 6.3% and Canberra's by 5%.
The Richmond-Tweed area lies in the far north-east corner of NSW.
It encompasses towns including Lismore, Casino, Woodburn, Kyogle, Nimbin, Byron Bay and Bangalow.
AVERAGE HOUSE RENTAL PRICES IN DECEMBER QUARTER
Darwin - $645
Sydney - $525/week
Canberra - $475
Perth - $450
Brisbane - $410
Melbourne - $385
Adelaide - $350
Hobart - $343
NATIONAL - $400
AVERAGE UNIT RENTAL PRICES IN DECEMBER QUARTER
Darwin - $550
Sydney - $495/week
Perth - $430
Brisbane - $390
Canberra - $380
Melbourne - $360
Adelaide - $300
Hobart - $280
NATIONAL - $390