Geelong renters staying put as prices soar by up to $60 a week, PropTrack figures show

The three-bedroom house at 3 Batman Close, Belmont, is advertised for rent for $630 a week. The 1054sqm property sold in May for $1.1m. More Geelong renters are staying put to avoid facing higher rental costs as a result of moving house, as new figures reveal the state of rent prices across the city. New REA Group quarterly median rent data reveals renters are being asked to pay up to $60 a week more for a house in suburbs than 12 months ago. The data records median asking rents in suburbs across Geelong where at least 50 properties were available to lease across all periods, comparing prices to three and 12 months ago. RELATED: Woman turns hard rubbish into a house deposit Expat buyers pounce on $3m+ Highton trophy home Newtown home turns heads despite missing bedroom Median asking rents have jumped by 10 per cent or more in the past year in areas such as Herne Hill, St Albans Park, Hamlyn Heights and Leopold. It’s the first suburb quarterly rent figures released since the federal government cut negative gearing for investors purchasing established properties on budget night, and reduced the discount on capital gains tax when they sell an investor property. Tax rules were further ...