Domain rental report puts Greater Geraldton in top 10 national areas with biggest annual rent increase

Greater Geraldton is in the top 10 list of Australian local government areas that have recorded the biggest rent spikes in the past year. New rental data from property website Domain reveals Greater Geraldton is at No. 7 with the biggest increase in median weekly asking rents for houses in December last year, with an annual rise of 18.4 per cent from $370 a week to $450. The five-yearly rental change for Greater Geraldton has been a jump of 57.9 per cent from when the weekly median rent was $285 in December 2018. Topping the national list was Karratha, with the North-West area recording an eye-watering annual rise of 37.5 per cent to a staggering median weekly rent of $1100 — the highest in the nation, according to this list. While some parts of Australia are seeing a reduction or easing in rental prices, there is no such respite for regional renters in WA. Despite 17 regional areas across Australia reducing in median rental price, WA had no such decline. East Pilbara was the only LGA to hold steady with its rental price staying at $600 after a five-year period where the median price rose almost 58 per cent. Broome and Port Hedland also had astronomical weekly rents of $900, only marginally lower than Byron in NSW at $950 a week. The Domain report also showed Perth carried on its record stretch of rising rental prices and continues to be the most competitive city in the country for tenants. The median price for house rentals in Perth reached $620 — a record high — in the December quarter, a 3.3 per cent increase on the previous quarter and a 17 per cent rise year-on-year ($530). The median asking price for unit rentals has reached $520. “In contrast to closing gaps in some other cities, the rental price difference between houses and units remains at its highest dollar figure on record,” the report said. Perth is on par with Adelaide in having the lowest vacancy rate in the country, at 0.4 per cent. Rents in most other capital cities steadied in the December quarter, ending a record stretch of 10 consecutive quarterly increases. However, in positive news for Sandgropers, the report predicts a rise in the number of properties for rent “towards the end of the year”. According to Domain, 30,000-60,000 more homes are needed across the country to shift to a “balanced market”, which is considered to be a rental vacancy rate of 2-3 per cent. “To help alleviate Australia’s housing crisis long term, further solutions need to be activated, such as build-to-rent,” Domain chief of research and economics Nicola Powell said. “It provides a significant amount of rental housing supply at scale and speed. With the cost of home ownership becoming more and more expensive in major cosmopolitan cities, it can act as a key circuit breaker for housing affordability.” BIGGEST ANNUAL RENT RISES (Median weekly rent for houses in Dec ’23, annual change) Karratha, WA: $1100 (up 37.5 per cent) Port Lincoln, SA: $478 (up 25.7 per cent) Cootamundra-Gundagai Regional, NSW: $400 (up 25 per cent) South Burnett, QLD: $450 (up 21.6 per cent) Murray Bridge, SA: $420 (up 20 per cent) Western Downs, QLD: $420 (up 20 per cent) Greater Geraldton, WA: $450 (up 18.4 per cent) Swan Hill, VIC: $410 (up 17.1 per cent) Corangamite, VIC: $410 (up 17.1 per cent) Narrabri, NSW: $480 (up 17.1 per cent) Source: Domain