![Rents in Tamworth have gone up nearly 23pc in the last five years. Picture from file Rents in Tamworth have gone up nearly 23pc in the last five years. Picture from file](/images/transform/v1/crop/frm/36FM9qHpEAtS8daVXYFgHBA/56d2466a-beca-47ed-be43-25bfbbf838b4.jpg/r0_0_3000_1827_w1200_h678_fmax.jpg)
There is some good news if you are looking for a rental property in Uralla.
Subscribe now for unlimited access.
or signup to continue reading
It was one of just eight regional Local Government Areas (LGAs) across the state to see a decrease in rental costs; falling 5.4 per cent in the 12 months from December 2022 ($460) to December 2023 ($435).
But this is still a 50 per cent increase from December 2018, when the average was $290.
The news is not so good for renters in Tamworth, where according to the latest Domain Rental Report (December Quarter, 2023) the average rent rose to $430, compared to $410 in December 2022, and $350 five years ago, an increase of 22.9pc.
Growth in mining around Gunnedah could help to explain their rising rents.
In December 2023, the average cost was $470 per week, up from $440 in December 2022, and a 30.6pc increase on December 2018, when renters on average were forking out $360 per week.
On the Northern Tablelands, Armidale renters are having to stump up an extra $30 per week.
Properties in the university city are commanding on average $450 per week, up from $420 in December 2022.
That's 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 year-over-year (YoY).
This is $70 more expensive than in December 2018, marking a 23.3pc five-year increase in both areas.
Narrabri saw the second largest increase of regional NSW LGAs. notching up a 17.1pc rise in the last year.
That saw rents go from $410 per week to $480, which equates to a 37.1 per cent increase since December 2018 ($350).
Rents in Tenterfield have remained steady at $400.
Across the board, only 15 of the 63 regional LGAs listed in the report saw either a decrease or remained the same.
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.
"The mismatch between low supply and rising demand remains an ongoing challenge for tenants.
"There are a number of factors slowing rental growth - stretched affordability, more renters opting for house shares and a slow return of investors over 2023."