Rental prices to rise in Avoca in Bundaberg’s west
Australia’s housing crisis continues to worsen with little sign of any political will to fix it, and now one Bundaberg suburb has won the dubious honour of facing the third highest rent increase in the country.
Bundaberg
Don't miss out on the headlines from Bundaberg. Followed categories will be added to My News.
The cost of living is about to rise for anyone hoping to rent in one Bundaberg suburb.
Avoca has been named the third highest suburb in Australia where rental prices are set to rise.
The quarterly HOOD.ai Tenant Report identifies the top 20 suburbs in Australia where landlords hold a clear balance of power over tenants and where that power has increased dramatically over the past year.
According to their latest report, renters in Avoca could expect their rent to increase by 50 per cent at their next rental review.
As of May 2022, the median weekly rent in the suburb was $330, up an alarming 50 per cent from $220 in May 2021.
If rents were to increase by 50 per cent, tenants will be forced to pay an average of $495 a week from their next rental review.
Speaking to the NewsMail last month, Re/Max Precision principal Scott Mackey said rents would continue to rise and not go down again due to increasing land valuations, insurance costs and inflation.
“It’s the least amount of stock on the market ever,” he said.
“It’s hard because you’d love to be able to help out. It’s terrible to see some of the people, the hopelessness.”
Avoca’s vacancy rate sits at just 0.4 per cent.
HOOD.ai founder and CEO Tommy Fraser said the latest report highlighted the issue of rental affordability, which had received a plenty of coverage during the federal election campaign.
“Vacancy rates are low in many parts of Australia, and often falling as well, which is putting upward pressure on rents,” Mr Fraser said.
“Traditionally, when renters get priced out of an area, they tend to shift to a cheaper suburb nearby, but that’s become increasingly hard in the current market, which is forcing tenants to move even further in search of affordable accommodation.”
Hinkler’s federal election candidates spoke to the NewsMail last month, revealing what they would do to help the housing crisis if elected.
The Palaszczuk supporters who have abandoned Steven Miles
An exclusive Courier-Mail poll reveals many of the voters who helped an Annastacia Palaszczuk-led Labor secure victory at the last state election have returned to the LNP.
Who won week three? Watch most BRUTAL Voter Verdict yet
The Courier-Mail’s Voter Verdict have weighed in on the third week of the election campaign with a brutal assessment of both leaders. But who won the week?