Australian rental markets have been on a rollercoaster over the past year. New data puts that in sharp perspective, revealing increases of nearly 50 per cent in some of the most sought-after suburbs.
Seaside and regional areas saw both their sales and rental markets heat up over the course of 2021, with an influx of movers from major cities seeking lifestyle shifts. Outlying city suburbs offering more space also proved to be popular, with many looking for room to add a home office.
New research from PropTrack has revealed just how quickly some rents have climbed. The top five suburbs for rental growth in Australia share the characteristics of being attractive lifestyle localities with tight sales markets where purchasing has become difficult.
Three of the top five fell within Sydney’s north. East Lindfield topped the list with a 46.3 per cent increase in rents in 2021. Larger family homes proved to be the drawcard in this suburban pocket on the Upper North Shore.
Meanwhile, spots like Palm Beach and North Balgowlah in Sydney proved popular for their proximity to the beach, as did regional locations like Encounter Bay in South Australia and Doonan on Queensland’s Sunshine Coast.
These are the top five Australian suburbs with the highest rental increases over 2021:
- East Lindfield, NSW, $1,390 per week, a 46.3 per cent increase
- Encounter Bay, SA, $510 per week, up 45.7 per cent
- Palm Beach, NSW, $1,450 per week, up 45.4 per cent
- North Balgowlah, NSW, $1,600 per week, up 42.2 per cent
- Doonan, Qld, $880 per week, up 40.8 per cent