Geelong rents outpace inflation across 38 suburbs as new rate hike looms

More than half of residents in central Geelong are renters, census data shows. A national buyer’s agent and property investor warns renters to brace for more hip-pocket pain as rent rises outpace the rate of inflation in most Geelong suburbs, new data shows. New PropTrack data reveals the suburbs and towns where median advertised rents are rising faster than the 4 per cent annual rate of inflation recorded for Melbourne in the year to September, according to CPI data released on Wednesday. The PropTrack data reveals that increases in median rent was higher than 4 per cent in 38 suburbs and towns across the region, and 18 locations for units. RELATED: Trophy home raises record price for Geelong Buyer pounces on Geelong home after first look Home build approvals surge 34pc in Geelong The research captures the median price data for houses and units advertised for rent, but doesn’t catch when landlords raise prices for existing tenants. While the areas with the biggest rises were coastal communities such as Indented Head, Barwon Heads and Portarlington, year-on-year increases of more than 10 per cent were recorded in Geelong suburbs where at least 30 per cent of residents rent. This in...