The unexpected Victorian regional towns that jumped in the past year
Experts say affordability constraints are forcing renters to look beyond not only Melbourne and commuter belt centres like Ballarat and Bendigo, but to far-flung regional towns in search of homes they can afford.
Swan Hill recorded the highest annual growth in asking rents of all Victorian regional LGAs, rising 14.3 per cent to a median $480 a week in the 12 months to June, according to Domain's latest Rent Report released on Thursday. A year ago, rents were $420.
Other areas that recorded the strongest growth are located more than 250 kilometres from Melbourne, including Wodonga (12.2 per cent), the Alpine Shire (11.8 per cent), Mildura (11.6 per cent), and Warrnambool (10 per cent).
Wodonga jumped from $490 to $550, and Alpine climbed to $520. Rents in Mildura and Warrnambool also hit $480 and $550, respectively.
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By contrast, some of the state's most popular regional towns closer to Melbourne recorded far smaller increases: Greater Geelong rose 2 per cent, Hepburn 1.1 per cent Macedon Ranges 2.1 per cent and Ballarat was steady.
Dr Diaswati Mardiasmo, chief economist at PRD, said the biggest driver of rent growth in remote LGAs is a lack of supply.
'In many of these areas, the number of houses rented has decreased 30 per cent in 12 months. Which means that there's a scarcity in rentals and that's what's driving up prices,' she said.
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