Victorian Coastal Rental Market Overview
Rents in most of Victoria’s coastal areas increased over the past year. This rise is attributed to demand from individuals relocating to coastal regions exceeding the supply of new housing in these regional rental markets.
Specific Rental Increases
Data from Domain's latest Rent Report for the December quarter indicates several shires experienced significant rental hikes:
- Colac Otway Shire: Rents rose 11.1 percent, reaching a median of $500 per week.
- Moyne Shire (including Port Fairy): Rents increased 10 percent, with a median of $495 per week.
- Surf Coast: Recorded a 7.7 percent increase, bringing the median to $700 per week.
Additionally, Warrnambool, Bass Coast, and Glenelg areas also experienced rental increases during the year.
Regional Victoria Trend
Across regional Victoria as a whole, rents for houses saw a 4.2 percent increase over the past year, reaching a median of $500 per week. The majority of regional local government areas within the state reported upward trends in rental prices.