Geelong suburbs where rents are falling revealed in new data

A handful of locations are offering tenants refuge from the rental crisis, according to new data tracking what it cost to rent in every market. Search your suburb.

38 Stinton Ave, Newtown, is available to rent for $1600 per week through McGrath.

New data showing rents are falling in a handful of Geelong suburbs offers a glimmer of hope for tenants struggling with housing costs.

PropTrack’s latest rent report reveals median weekly rents stabilised or dropped in more than half of the region’s suburbs during the March quarter.

Geelong West recorded the biggest fall, with $20, or 3.85 per cent, shaved off the typical $520 price of leasing a home.

RELATED: Geelong homebuyers face looming housing crisis

Best value suburbs to buy a home revealed

Geelong Holiday Inn may sell for $70m

Tenants are also paying $10 less a week for units in Corio and East Geelong, while those leasing either a house and unit in Herne Hill are saving the cost of a coffee.

But it isn’t all good news for tenants, who still need to stump up $30 a week extra to cover rents in 26 rising markets like Portarlington, where the typical price jumped 6.67 per cent to $480 a week.

PropTrack economist Anne Flaherty said while some Geelong suburbs had seen significant growth, it was encouraging to see rents generally rising at a more moderate pace than the “staggering” rates seen in Melbourne.

However she said conditions remained challenging for renters due to the low vacancy rate of 1.15 per cent across regional Victoria.

“When it comes to Geelong suburbs that have seen the biggest growth they tend to be units and they are priced below that $500 level so it shows we are seeing more and more renters looking for those more affordable suburbs,” Ms Flaherty said.

“Some of the suburbs that saw really strong growth during the pandemic we are now seeing growth hold steady and in some cases even decline slightly so it does mean there’s a little bit more breathing room in those suburbs.”

PropTrack economist Anne Flaherty.

Hayeswinckle property management director Jessica Scholer said a three-beroom house with a weekly rent under $550 per week was the holy grail for many tenants.

She said cheaper units had also exploded in popularity, with one recent two-bedroom listing in Herne Hill attracting 50 inquiries in just a few days.

“We are still finding that demand is fairly high for rentals across the board and one thing that we are definitely seeing is that properties that are priced from under $550 per week are moving really well,” Ms Scholer said.

“Anything above $550 or $600 is taking a lot longer to move because people are more budget conscious.”

This two-bedroom unit at 2/19 Cole, Herne Hill, attracted a flood of inquiries. It is leasing for $340 per week.

5/5 Oxford St, Whittington, is advertised for $390 per week through Maxwell Collins.

She said Grovedale, Whittington and St Albans Park were among the most in-demand areas, while properties in Geelong West were taking longer to fill.

Ray White, Lara director Jo Boothroyd said stories of greedy landlords jacking up rents didn’t reflect the reality in Geelong, where increases were typically steady.

“Rents are going up $5 or $10 but what we are finding at the moment is tenants are dictating the prices, not the landlord,” she said.

“If we have a vacant property and the owner says ‘I can try for that amount’, they’re just not getting any applications.”

This three-bedroom house at 5 Black Duck Court, Lara, will set you back $510 per week.

She said the current sell-off of investment properties – which made up 30 per cent of her office’s sales – was one of many challenges putting pressure on Geelong’s rental market.

This was compounded by the fact that people were staying in the rental market longer due to concerns about building, delays in land settling and a shortage of tradies to complete new homes.

“There’s no ins and outs which frees up property for people,” she said.

Originally published as Geelong suburbs where rents are falling revealed in new data