Almost two years after the COVID-19 pandemic, Australians are demanding more space and landscape change than ever before. As a result, rental demand on the beach and in rural suburbs has skyrocketed, PropTrack data show.
This is especially true in the five fastest growing suburbs of 2021 weekly rents.
Three of these suburbs are located in New South Wales, and residents have endured long-term blockages, making it increasingly difficult to buy real estate.
In East Lindfield, on the North Shore of Sydney, rents rose significantly by 46.3% in 2021. The draw card here was a request for a larger family home. Home offices have become a must for anyone seeking a lot of real estate that may have previously abandoned space for proximity to the city.
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Rental demand is also increasing significantly at Northern Beach in Sydney. This area has checked many of the same boxes and is close to the popular beaches.
In North Bargoura and Palm Beach, median rents increased by 45.7% and 42.2%, respectively, over the same period.
Palm Beach is just an hour from Sydney.
Many of last year’s markets had a shift to coastal suburbs that offered a seaside lifestyle, spacious living and affordable prices.
In Doonan and Encanter Bay, South Australia, located between the Sunshine Coast and Noosa, the median rent has risen significantly as Australians remembered Peishek to seek sea changes.
For many, working from home will continue to be the 2022 standard. Demand for coastal, rural and beachside suburbs remains high this year, with weekly rental prices expected to skyrocket.