New Hunter Rental Figures Suggest an Ease in Pressure

BY OLIVIA DILLON

The latest figures out of PropTrack indicate the rental pressures in Newcastle and The Hunter may be easing. 

Newcastle rental prices fell by 3.6% over the three months to December 2022, and in The Hunter they fell by 5.1%. 

PropTrack Director of Economic Research Cameron Kusher, says while there's still ways to go, it's a step in the right direction. 

"They're still higher than they were 12 months ago. Newcastle rents are up 6% and Hunter rents are up by 4.4%, but we are seeing some other signs, some of the rental pressures which have been really prevalent in the market are starting to alleviate," he said.  

"In terms of Newcastle, the number of new listings in December last year compared to the previous December was up 13.5%, and total rental listings were up 17%. In the Hunter, we saw a 16.9% increase in new listings and a 7.5% increase in total listings."  

The figures also indicate, while rental vacancy rates in the region have increased, the number of property inquiries has declined. 

Mr Kusher said this is good news for locals. 

"You've got more stock, but fewer people competing for that stock which is obviously a desperately needed thing, given how much competition and how little stock there has been in the region over the past few years."

Essential workers among those who can't afford rent

BY OLIVIA DILLON 

According to new research, essential care and service workers across regional NSW are facing a rental affordability crisis. 

Everybody's Home, the national campaign against homelessness, cross-referenced SQM rent data with the basic hourly wage of workers in disability support, aged care, childcare, hospitality and supermarkets to calculate the percentage of essential workers' wages which are being contributed to rent in regional NSW. 

The analysis has revealed the Hunter as one of the 78 geographic regions in the country where an essential care or service worker would need to spend between one-third and two-thirds of their normal working week’s wages, to rent an apartment. 

Close analysis of the data shows in fact, COVID-essential workers in the Hunter region must work half the week for 19 hours simply to cover the cost of rent. 

Everybody's Home national spokesperson, Kate Colvin, says the current housing system is failing normal Australians. 

"The pandemic has reminded us how critically important our carers and service workers are. Yet these pandemic heroes are being badly let down by the housing system and are often priced out of the communities they serve," she said. 

"Every community needs it's childcare workforce, every community wants lots of people working in the supermarket and needs people in aged care. So it's important that there's housing that people can afford when they're working in these important jobs." 

Ms Colvin said the warping of the rental markets in regional areas is largely due to people with large incomes moving away from the city. This has meant essential workers are being increasingly priced-out of the coastal and bush communities which they could once afford. 

She said in order to prioritise these workers, both state and federal government must invest in social and affordable housing. This would relieve the pressure on the rental market and give Australians on lower incomes more options. 

"These are the people who got us through the pandemic. We must find a way to let them live close to their work." 

Essential Workers Face a Rental Affordability Crisis