Renters in Gympie, Fraser Coast, Bundaberg can expect to pay another $5000 a year

Renters in Gympie, Fraser Coast and Bundaberg are already like “seagulls fighting over a chip” when it comes to finding somewhere to live, but a grim new prediction has now from the country’s leading property analyst.

A real estate analyst has predicted rents across regional Australia will rise by $5000 a year within the next 12 months.

The rental squeeze across Bundaberg, the Fraser Coast and the Gympie region has continued to tighten, rendering families homeless and forcing people to couch surf or live on the street.

Property market analyst Propertyology now also predicts the amount being asked in rent is about to rise significantly.

New data shows rent for a three-bedroom house across the Wide Bay increased annually by an averaged $6130 from December 2016, and December 2021.

In Bundaberg, annual rent increased by $4000, while Maryborough increased by $5720 and Gympie increased by $6500.

In Bundaberg, annual rent increased by $4000 over that same time, while Maryborough increased by $5720 and Gympie increased by $6500.

However, Hervey Bay recorded the highest increase in the average rent being paid – $8300 for a three-bedroom house.

These numbers were significantly higher than Brisbane, which only recorded a $3100 increase.

Propertyology head of research Simon Pressley said this was projected to get worse by the end of 2022, with tenants expected to pay an extra $5000 annual rent in comparison to 2021.

He said the spike was a result of a five year streak of not enough rental properties, and now desperate tenants were trying their luck in regional Australia.

This then increased the number of tenants with a finite number of rental properties available, and as a result, rent was projected to increase.

The annual change in asking rents across Australia between 2016 and 2021. Hervey Bay and Bundaberg recorded a greater change in asking rents than Brisbane. Photo: Propertyology

“For perspective, the total national population increased by 1.5 million over the last five years so one would expect a significant increase in the total volume of dwellings advertised for the rent over that period,” Mr Pressley said.

However, that has not occurred. The number of rental properties in Australia decreased from 86,683 in December 2016 to 57,558 in December 2021.

He likened the rental market to “seagulls fighting over a chip” and said he worried the ongoing crisis may lead to civil unrest should a solution not be reached.