EAST Coast jewel Bicheno has won the distinction of having the highest 12-month change in house rents in the past year – great for landlords but a burden for tenants.
Rents increased by a whopping 40.9 per cent – the highest hike in Australia according to the latest CoreLogic annual Best of the Best report.
With very few rentals listed for Bicheno, a three-bed, two-bath home can cost tenants $450 a week, with one two-bed townhouse asking for $550.
CoreLogic head of research Eliza Owen said strong housing market performance over the year was driven by multiple factors, including low interest rates, fiscal and institutional support for households, high household savings and relatively low levels of advertised stock.
Higher-end lifestyle markets such as Bicheno proved popular in terms of sales as well.
“This may in part be attributable to how Covid-19 continued to shape demand trends, with coastal or leafy settings being more desirable as some workers were empowered to work remotely,” she said.
With a permanent population of about 1000, which swells by three times during summer and holidays, Bicheno is one of the most popular spots on the Great Eastern Drive.
Properties currently on the market are limited and according to the real estate industry are in demand.
At the time of going to press there were very few properties being advertised for sale, with most asking high $800,000 or more, with one large parcel of residential land calling for offers over $2.4 million.