The Property Council of Australia has voiced concern over the latest Domain Rent Report for the December quarter showing the Upper Hunter has the highest rent rise in regional NSW.
Property Council”s Hunter Regional Director Anita Hugo said action was needed fast as NSW faces record low vacancy rates and rapid rent rises.
“Delivering more housing supply is the best chance we have of easing the regional rental squeeze across the Hunter region,” Ms Hugo said.
“The Property Council”s 2023 NSW Election Platform has called on the incoming government to implement a range of measures to improve housing supply at this critical time.
“Across the Hunter we are calling for infrastructure investment to enable the delivery of housing as well as measures that allow the use of surplus government land to deliver housing diversity, such as build to rent and community housing.
“The quicker we allow the private sector to deliver on BTR projects and improve tax concessions, the quicker projects such as this can hit the ground.
“What is needed is a diverse supply of housing and serviced, development ready land, and it is needed now.”
According to Domain, the Upper Hunter and Muswellbrook council regions had the largest annual rent increases, recording jumps of 15.2 per cent and 15 per cent to respective median house rents of $425 and $460 in December last year. Maitland was not far behind, experiencing an increase of 14.6 per cent over that quarter.
Median asking rents for houses across regional NSW jumped 10.3 per cent last year, lifting by $40 to a median of $535 per week.
Media contact: Aidan Green | E [email protected]