Domain Rental Report, September 2019: Central West's rising rental prices

RENTAL MARKET: The region's most expensive place to rent revealed in new data. Photo: FILE
RENTAL MARKET: The region's most expensive place to rent revealed in new data. Photo: FILE

MUDGEE may have topped the list for the most expensive place to rent a home in the region, but Parkes has experienced the biggest hike in rents during the past year, new data shows.

The Domain Rental Report for the September 2019 quarter shows the median rental costs by town and how they have changed during the past year.

The report also shows the estimated rental yield for investors.

Data shows Mudgee easily topped the list as having the highest median rental cost for a home at $400 a week.

Coming in next on the list was Orange at $380, followed by Dubbo ($350), Bathurst ($330), and $320 a week in Parkes and Oberon.

Lithgow is $300; Cowra, Wellington and Young are $270; Forbes' median cost is $265, while the cheapest pace is Cootamundra at $260 a week.

When comparing year-on-year rental prices rises - Parkes topped this list with a 14 per cent jump in costs for renters.

This was followed by eight per cent in Cowra and Mudgee, and six per cent in Forbes and Orange.

There was a four per cent increase in the median rental cost in Cootamundra, a three per cent jump in Bathurst and Oberon and two per cent in Young.

While median costs stagnated in Dubbo and Lithgow, they dropped by -4 per cent in Wellington.

For investors, the Domain report also revealed the top towns in the region to purchase a property.

The highest yield can be found in Wellington at 7.3 per cent, it then drops to 6.2 per cent in Parkes and 6.0 per cent in Cootamundra.

Other towns have a lower yield, including: Oberon (5.9 per cent), Cowra and Forbes (5.8 per cent), Young (5.6), Dubbo (5.4), Mudgee (5.3), Lithgow and Orange (5.0) and 4.3 per cent in Bathurst.

Love local news?

Why not subscribe, the first 30 days of full website access is free.

What do you think?

This story Region's rising rental costs, with one town jumping by 14 per cent first appeared on Daily Liberal.