‘Gone up astronomically’: Rents spike in regional Victorian towns | elizabethredman TawarRazaghi
Some locals are left priced out of their communities and forced to move further afield in the wake of athat has increased demand for homes outside Melbourne during the COVID-19 pandemic.
“It’s particularly locals on the average wage who are sensitive to significant increases in rents and [in] many of these areas, they’ve been facing that for the last couple of years,” she said.“It pushes people who are on that local wage further out to seek more affordable accommodation.” Some landlords had moved into their properties to work from home and others had made them available to tourists as short-term rentals, he said.“They are getting a financial hamburger with the lot,” he said. “They are getting rents going up, they are getting utilities going up, they have got petrol now going up – there’s not too many places to hide with a limited income.”
In north-eastern Victoria, Indigo Real Estate principal Jamie Horne said there was a shortage of supply of rental homes in Beechworth and surrounds, and often five or six applicants per home.“We have seen a lot of rental providers have actually sold their investments, so they are taking them out of the market and they have become permanent homes,” he said.Competition for remaining rentals was strong and some potential tenants offered rent in advance or higher rent, he said.
“Rent prices have gone up astronomically,” she said. “Predominantly if they can’t afford the area, they are moving away.”
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