Latest steep jump in Margaret River rents has residents at breaking point

The latest figures from the Real Estate Institute of WA have confirmed the pain felt by many renters across the Augusta-Margaret River region, with median prices jumping an astonishing $150 per week in the most recent quarter.

This growth reflected the continued popularity of the region driven by a rise in population, which risked squeezing out some long-term residents.

REIWA figures showed median weekly rent rose from $550 per week to $700 per week at the end of December.

Residents experiencing housing stress told the Times in many instances homes were even more expensive, and it was becoming increasingly common for single rooms in share houses to fetch $300 per week with bills included.

Local woman Serena Leotta said rising rents were putting homes out of the reach for single parents such as herself.

As the Times reported in November, the 37-year-old mother of children Freyja, 9, and Will, 17, said her son’s medical condition added to the difficulties her family faced finding a permanent home.

“Everything on the market is far too dear for my budget at the moment,” she said.

“Once I get a home, I can get access to carers for my son to be able to work again.”

Another single mother named Meg, who asked not to be identified, said she was living with friends in Dunsborough, but wanted to keep links to her home town of 10 years.

“My children are so happy there and I don’t want to change schools after all of the troubles I’ve already faced,” she said.

Just Home Margaret River program manager Galatee Underwood said the REIWA data was concerning for residents.

“This situation affects everyone and makes it especially difficult for vulnerable community members under rental stress to see a way forward to secure housing in our area,” she said.

“Last year, our service already saw a strong hike in the number of people reaching out for housing support and feeling the pressure.”

The 27.3 per cent growth in median rents represented the bulk of prices increases for 2023, with figures showing median weekly rents were $535 at the same point in 2022.

A REIWA spokesperson told the Times the jump could reflect many factors.

“It could represent a general trend in rising rents, particularly when you compare it to a year ago,” they said.

“Or as it is a median, it could suggest that during that quarter there were more leases signed for homes in higher price brackets than in quarter three.”

REIWA president Joe White, based in Dunsborough, said supply and demand continued to be a factor driving rents in a popular lifestyle destination.

The same data showed listings continued to remain low, driving the value of homes in the region for sale.

“The two variables we know affect the property market are wages growth and population growth,” he said.

“We have both, and with inflationary pressures, as much as I would like to see an end to the housing crisis, I can’t because we are simply not building enough.

“Strong demand and constrained supply is the current situation – 3.1 per cent population growth is close to being out of control.”

Mr White said more land releases and in-fill development could address the crisis, but the construction industry remained under the pump and was challenged to deliver new homes already.