The median weekly rent in the Southern Highlands and Shoalhaven region now sits at $620, an increase of 13.2 per cent between April 2020 to 2021.
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The region saw an increase in demand for rentals and registered a decline of 55.3 per cent in rental listing during that period, CoreLogic's Quarterly Regional Report has revealed.
Similarly, the Capital region, which includes the Queanbeyan-Palerang, Goulburn Mulwaree, Yass Valley, Upper and Lachlan Shire LGAs, registered a 2.3 per cent growth in rental values in the past year.
The median weekly rent in the Capital region increased by 2.3 per cent to $450.
The report further revealed that the annual growth rate of combined regional dwellings, which includes the Capital region, sits at 13 per cent, which is twice more than 6.4 per cent in capital cities.
It also shares that the average time for a rental property on the market decreased from 25 days in April 2020 to 17 days in April 2021.
The reason behind the growth can be attributed to more people migrating to regional areas from cities through the September and December quarter.
"Regional relocation from cities to regions may also be increasingly skewed to higher-income workers, which would put further upward pressure on purchase and rent prices," the report further states.
"This is because remote work tends to be concentrated in the 'knowledge economy', such as for professionals, as well as clerical and administrative workers."
Meanwhile, the report also revealed that house values have registered strong growth in regional areas in last year.
In the capital region, which includes Quenbeyana-Palerang, house values have increased by 17.5 per cent in the past 12 months to April 2021, while unit values increased by 14.6 per cent.
CoreLogic's research director, Tim Lawless, says the faster pace of growth reflects stronger demand flowing into the regional areas of Australia through the COVID-period to date.
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