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%.

 

RICHMOND-TWEED

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



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