New data reveals Geelong’s rental affordability crisis is hitting some suburbs hardest

Skyrocketing rental prices are hitting some Geelong suburbs harder than others, with a pair of inner-city housing hot spots recording the highest price jumps in the region, new data has revealed. SEE THE LIST.

Skyrocketing rental prices are hitting some Geelong suburbs harder than others, with a pair of inner-city housing hot spots recording the highest price jumps in the region, new data has revealed.

The State Government’s latest Victorian Rental Report this week revealed the median rental price in the Geelong region hit a record $395 per week in the December 2021 quarter.

The record rent cost is almost 40 per cent higher than the $285 median a decade earlier in 2011, and a full 163.3 per cent higher than the $150 median in the December 2001 quarter.

Over the past decade median rents have jumped across the seven listed Geelong regions by between 31 per cent and 44.4 per cent, with the $390 median rent in Herne Hill-Geelong West representing the highest increase since the $270 median recorded in the December 2011 quarter.

The next steepest 10-year increases were recorded in Lara (42.9 per cent rise from $303 to $433), North Geelong (36.8 per cent rise from $285 to $390), Newtown (35.9 per cent rise from $309 to $420) and Belmont-Grovedale (35.5 per cent rise from $310 to $420).

The lowest median income rises were recorded in Corio (33.3 per cent rise from $240 to $320) and Geelong-Newcomb (31 per cent rise from $390 to $380).

Area – median rent December 2021 (%change since Dec 2011 – since Dec 2001)

Belmont-Grovedale: $420 (+35.5% – +162.5%)

Corio: $320 (+33.3% – +137%)

Geelong-Newcomb: $380 (+31% – +153.3%)

Herne Hill-Geelong West: $390 (+44.4% – +188.9%)

Lara: $433 (+42.9% – +147.4%)

Newtown: $420 (+35.9% – +171%)

North Geelong: $390 (+36.8% – +160%)

Greater Geelong Total: $395 (+38.6% – +163.3%)

Originally published as New data reveals Geelong’s rental affordability crisis is hitting some suburbs hardest