The regional Victorian suburb where rents rose the least in five years
On the outskirts of Greater Geelong, with its mix of owner-occupiers in new residential developments, university students in rooming houses and young families, Waurn Ponds has bucked the trend of out-of-reach rental rises.
Waurn Ponds, bordered by several Geelong suburbs including Armstrong Creek, Grovedale and Highton, had the smallest five-year rent rise of any regional Victorian suburb, based on Domain data.
Good news if you're a tenant, not so good if you're a landlord with an investment property.
The median weekly asking rent for a house in the area is hovering at $500 a week, only 13.6 per cent higher than five years ago.
Dr Nicola Powell, chief of research and economics at Domain, says the basis for the limited rental rise is largely due to an increase in new housing.
'Waurn Ponds, over recent years, has seen significant residential development and that has obviously increased the volume of new homes, and that in turn can also increase the volume of rental stock,' Powell says.
'When you look at the demographic, it's particularly popular among families and students because it's close to the hospital and Deakin University.'
Suzi Gudasic, the head of property management at Buxton Geelong Group, says the majority of rental properties in Waurn Ponds are rooming houses, where rents are split across four or five people.
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