Report reveals rental increases in New England areas, but there is 'hope'

According to the latest Domain Rental Report (December Quarter, 2023) Armidale Regional faced a housing rent increase of 7.1 per cent year-over-year (YoY).

Per week prices went from $420 in December 2022 to $450 in December 2023.

This is a 32.4 per cent increase on where rent was five-years-ago in December 2018 ($340).

Inverell and Moree Plains faced the same increase in the last year. They both went from $350 in December 2022 to $370 in December 2023 - a 5.7 per cent increase YoY.

This is $70 more expensive than in December 2018, marking a 23.3 per cent five-year increase in both areas.

Narrabri was the second largest increase of regional NSW LGAs seeing a 17.1 per cent rise in the last year, going from $410 per week to $480. A 37.1 per cent increase since December 2018 ($350).

Tenterfield was the region's only LGA to experience no change in rent prices in the last year, as it remained at $400.

While Uralla was one of just eight regional LGAs across the state to see a decrease in prices, falling 5.4 per cent from December 2022 ($460) to December 2023 ($435).

This is still a 50 per cent increase from December 2018, when the asking rent price was $290.

Despite a drop in Uralla and Tenterfield holding steady, these prices follow the trend seen throughout regional NSW.

In total, only 15 of the 63 regional LGAs listed in the report saw either a decrease or remained the same.

Armidale, Moree and Inverell were all among the higher increases in annual change for the regional LGAs, though still significantly lower than Narrabri.

However, Domain's Chief of Research and Economics, Dr Nicola Powell, believes the national rental market may have turned a corner over the December period.

"While the strain on Australia's rental market remains evident, there's a glimmer of hope that conditions are easing and rental price growth is slowing," she said.