Regional towns across NSW got a real shock during the pandemic when Sydneysiders started leaving the city, opting for nature and slower living. Mass sea and tree changes led rent and sale prices in these towns to skyrocket.
It’s safe to say Sydney is well and truly bustling again (goodbye, lockout laws) – the consequences for the sea- and tree-change towns is a whole lot of real estate supply and not so much tenant demand anymore, according to the latest Domain Rent Report.
Sitting a four-and-a-half-hour drive south of Sydney, the Eurobodalla Shire recorded the biggest drop in rent rates (-7.9%). This stretch of the south coast includes Narooma, with its fresh-as seafood, as well as Batemans Bay’s glimmering rocky coves.
Following suit with a fall of -4.5% was Lismore (not surprising, considering the flood assault the town faced), and in third place, Wingecarribee (-4.5%).
The world hasn’t totally turned on its head – rest assured that rent rates were still rising in areas like Wollongong (7.9%), Tamworth (10.5%), and regional Cootamundra-Gundagai (the top rise by far at 22.6%).
Byron Bay came in with the highest median asking-rent price. Are you ready for this? An eye-watering $950 per week. Turns out the boho lifestyle doesn’t come with a hippy price tag.