Northern Rivers rentals steady, but vacancy up slightly
THE word transient might have negative connotations to some, but those people are not in the real estate industry.
Andrew Fifield, property management supervisor at First National Real Estate Wal Murray & Co, said the region's temporary workforce was one reason behind the high demand for rentals in the region.
Although the Real Estate Institute of New South Wales November 2015 residential vacancy rate survey has found a 0.3% rise in the Northern Rivers since October, the area has still maintained a low figure - at 1.5%.
Mr Fifield said there was even less availability among the agency's 880 rental properties, with a vacancy rate lower than 1%.
"Our vacancy rate is pretty stable," he said.
"You've just got to price the property right.
"It's like sales - if you don't price it right, it will just sit there."
Mr Fifield expects a higher demand for rentals at the beginning of next year, when university students move around.
The region has had a rate lower than 1.5% in every month this year, except June and November that both reached 1.5%.
Property sales are also feeling a boost.
REINSW president John Cunningham said the vacancy rate showed there was good demand for investment properties in the Northern Rivers.
RESIDENTIAL VACANCY RATES
CENTRAL COAST 2.2%
CENTRAL WEST 3.9%
COFFS HARBOUR 2.5%
MID-NORTH COAST 0.8%
NEW ENGLAND 3.1%
NORTHERN RIVERS 1.5%
SOUTH COAST 1.4%
SOUTH EASTERN 9.2%
Source: Real Estate Institute of New South Wales