Two Geelong suburbs have rental vacancy rates of zero and six others sit at or just over one per cent, as the rental crisis continues to bite hard in the Geelong region.
New data from the Suburbtrends Rental Pain Index reveals it’s now all but impossible to secure a rental property in Lara or Clifton Springs, while the vacancy rate in Lorne and Anglesea sits at just 0.7 per cent.
Corio and Lovely Banks are at 1.03%, Newtown is at 1.06% while North Geelong and Bell Park are currently on just 1.10% – meaning an average of 100 people must battle it out for every home that comes onto the rental market.
Soaring rents are adding to the crisis, with rises over the last 12 months of 10.3% in Newtown, 10.19% in Werribee, 9.52% in Winchelsea and a whopping 21.94% in Golden Plains, according to the report.
The median 12 month increase in Victoria was 10.87%, while the national median rise was 11.1%.
The average renter now spends more than one third of their income keeping a roof over their heads in Newcomb and Moolap (33.49%), Portarlington (36.21%), Lorne and Anglesea (33.51%).
Corio ranks eighth in Victoria on Suburbantrends’ Rental Pain Index, with Newcomb-Moolap in 16th place.
Suburbantrends’ Kent Lardner said the latest snapshot of the Australian rental market was disturbing.
“These strikingly low vacancy rates exacerbate the existing rental stress, making it increasingly difficult for renters to find suitable housing,” he said.
The report says the crisis is widespread, with rental affordability around the country consistantly crossing the 35% threshold – well above the tipping point for financial stress.
Mr Kent said the nationwide trend shows that rental affordability is now a critical issue that requires multi-state interventions.
“The current index should serve as a stern wake-up call for policymakers,” he said.
“It’s not merely about escalating numbers but about deteriorating living conditions for Australian renters. As we enter the final quarter of the year, there is an urgent need for targeted policy interventions to alleviate the immense strain renters are under.”
| Suburb/town | 12M increase % | Affordability (% of income) | Vacancy rate |
| Anglesea/Lorne | 5.19 | 33.51 | 0.70 |
| Armstrong Creek/Barwon Heads | 4.04 | 20.85 | 2.43 |
| Bannockburn | 8.7 | 21.27 | 2.69 |
| Belmont | 2.25 | 27.3 | 1.94 |
| Clifton Springs | 4.44 | 30.31 | – |
| Corio/Lovely Banks | 5.59 | 28.23 | 1.03 |
| Geelong | 4.51 | 27.63 | 2.55 |
| Geelong West/Hamlyn Heights | 4.35 | 24.02 | 1.53 |
| Golden Plains | 21.94 | 24.57 | 4.17 |
| Grovedale/Mt Duneed | 1.08 | 25.79 | 1.69 |
| Highton | 4.17 | 21.74 | 3.67 |
| Lara | 7.17 | 24.17 | – |
| Leopold | 4.44 | 27.16 | 3.63 |
| Newcomb/Moolap | 6.23 | 33.49 | 1.49 |
| Newtown | 10.30 | 22.95 | 1.06 |
| North Geelong/Bell Park | 5.17 | 29.64 | 1.10 |
| Ocean Grove | 3.65 | 27.74 | 3.28 |
| Portarlington | 2.32 | 36.21 | 1.63 |
| Torquay | 1.63 | 26.13 | 3.57 |
| Werribee | 10.19 | 29.19 | 1.67 |
| Werribee South | 12.70 | 22.66 | 1.08 |
| Winchelsea | 9.52 | 22.90 | 3.57 |
