A new report has revealed which suburbs are delivering Illawarra landlords the highest rental price growth.
The latest ‘Domain Rental Report’ has listed the hot suburbs for both houses and units throughout the Illawarra and Shoalhaven.
The report’s year-on-year figures indicate the change in the rental price over the year to June 30.
“When you look at the figures, what you’re seeing across most of those suburbs is rental price growth,” Domain data scientist Nicola Powell said.
“Some of those areas have experienced quite a jump in rental price over the year, and there’s only been very few suburbs that have had a price decline.
“This indicates that it’s probably a fairly tight rental market, the fact that we are seeing rental price growth in that market.”
Houses in Vincentia have delivered a year-on-year growth of 10.6 per cent in the past 12 months. Houses there had a median weekly rental price of $498 during the 12-month period.
In Nowra, units had a median weekly rental price of $270; this represents a year-on-year growth of 10.2 per cent.
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Meanwhile in the Illawarra, houses in Gerringong delivered a year-on-year growth of eight per cent.
The median weekly rent there was $540.
Houses in Kiama Downs also resulted in a year-on-year growth of eight per cent. The median weekly rent there was also $540.
Kiama houses had an average weekly rent of $520; this represented a year-on-year growth of 6.1 per cent.
For units in the Illawarra, Fairy Meadow had the highest rate of rental growth at 8.6 per cent. They had a median weekly rental price of $380.
Port Kembla units had an average weekly rent of $310; a year-on-year growth of six per cent.
On the rental price front, Thirroul houses topped the list of most expensive suburbs, with a median weekly rent of $680.
The report also outlines the ‘estimated gross rental yield’, the average gross amount of rent received for properties against their respective purchase price.
Topping the list for the Illawarra was Gwynneville units with 4.4 per cent.
Berkeley houses, Fairy Meadow units, Figtree units, Koonawarra houses and West Wollongong units all recorded 4.3 per cent.
Ms Powell said the Wollongong area “does fly off the back of what happens in Sydney”, although “when you compare rental price points, the Wollongong area is a much more affordable price point than Sydney overall”.