{"id":1706,"date":"2022-02-03T07:17:55","date_gmt":"2022-02-03T07:17:55","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/biggest-price-and-rent-gainers-amid-the-pandemic\/"},"modified":"2022-02-03T07:17:55","modified_gmt":"2022-02-03T07:17:55","slug":"biggest-price-and-rent-gainers-amid-the-pandemic","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/biggest-price-and-rent-gainers-amid-the-pandemic\/","title":{"rendered":"Biggest price and rent gainers amid the pandemic"},"content":{"rendered":"

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Several suburbs across Australia rose as the top performer over the past year in terms of house prices and rent growth.<\/p>\n

Two separate reports from PropTrack showed that demand for homes for sale and for rent surged over the past year as supply for both market segments continued to dwindle.<\/p>\n

Biggest rent gainers<\/h2>\n

PropTrack economic analyst Megan Lieu said a common trend in the rental market over the past two years into the pandemic was the \u201csearch for a change of scenery\u201d among Australian renters.<\/p>\n

\u201cThis is particularly evident in the five fastest-growing suburbs for weekly rents in 2021 \u2014 three of these suburbs are located in New South Wales, where residents have endured extended lockdowns and where purchasing a property has become increasingly difficult,\u201d she said. \u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n
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Suburbs with largest annual growth in median rent<\/p>\n

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\n\t\t<\/tr>\n

<\/p>\n

Suburb<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

Median Rent ($)<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

Annual Growth (%)<\/p>\n

\n\t\t\t<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

East Lindfield, NSW<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

1,390<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

46.3<\/p>\n

\n\t\t\t<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Encounter Bay, SA<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

510<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

45.7<\/p>\n

\n\t\t\t<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Palm Beach, NSW<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

1,450<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

45.4<\/p>\n

\n\t\t\t<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

North Balgowlah, NSW<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

1,600<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

42.2<\/p>\n

\n\t\t\t<\/td>\n


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Doonan, Qld<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

880<\/p>\n

\n\t\t\t<\/td>\n

<\/p>\n

 <\/p>\n

40.8<\/p>\n

\n\t\t\t<\/td>\n


\n\t\t<\/tr>\n<\/tbody>\n<\/table>\n

Ms Lieu said larger family homes in East Lindfield became in demand, especially among households who seeks bigger spaces for a home office.<\/p>\n

\u201cFor many, working from home remains the norm in 2022 \u2014 we expect demand for coastal, regional and beachside suburbs to remain high this year and with it will come an ongoing surge in their weekly rental prices,\u201d she said.<\/p>\n

Top-performing housing markets<\/h2>\n

In terms of housing markets, 127 suburbs reported annual gains of $50,000 or more every month over the past year.<\/p>\n

REA Group senior economist Eleanor Creagh said the surge in home lending contributed to the rapid increase in house prices.<\/p>\n

\u201cAcross Australia, 178 suburbs have seen house prices increase by $500,000 or more over the past 12 months, while a further 832 suburbs saw year-end value growth of more than $200,000,\u201d she said.<\/p>\n

Mr Creagh said similar to rental markets, the trend of seeking larger spaces and bigger block sizes was a key demand factor last year.<\/p>\n

This has prompted many homebuyers to look for properties in outer suburbs and regional locations, particularly those in beachside and coastal areas.<\/p>\n

\u201cWith more time spent at home and a continuation of working remotely, space and lifestyle have become an increasingly important consideration,\u201d she said.<\/p>\n

The prime housing segment saw some of the biggest gains in prices over the past year.<\/p>\n

\u201cThat\u2019s no surprise given house prices have surged Australia-wide, meaning higher value suburbs will see the dollar value of prices increasing the most,\u201d Ms Creagh said.<\/p>\n

New South Wales accounted for most of these high-growth areas.<\/p>\n

In fact, Dover Heights reported the biggest monthly increase in house prices at around $111,500, bringing its median price to $5.66m.<\/p>\n

Point Piper<\/a>, on the other hand, registered the most substantial monthly increase in unit prices at $57,500, pushing its median unit price to $3.4m.<\/p>\n

\u201cThese suburbs mostly have one thing in common, aside from phenomenal price growth \u2013 they are all beachside or waterfront suburbs,\u201d Ms Creagh said.<\/p>\n

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\u2014<\/p>\n

Photo by @johnarano on Unsplash<\/p>\n<\/p><\/div>\n


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