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Rental price predictions

RENTING a unit in Coffs Harbour is now cheaper than at the start of the year but the relief may be short lived as a survey of real estate agents offers predictions of rent rises and low-vacancy rates.

Housing NSW's Rent and Sales Report found the median rent for a two-bedroom unit in Coffs Harbour was $190 in the June quarter – a 2.6 per cent decrease from three months before.

But that's small comfort for Coffs Harbour renters, with a survey by rent.com.au finding 76 per cent of real estate agents believe rents will rise by up to 14 per cent over the next six months.

High levels of rental-property demand are expected to continue in NSW, with all the real estate agents surveyed admitting they required more rental property on their books to satisfy demand.

Rent.com.au Chief Executive Officer, Mark Woschnak, said the survey reflects the reality of today's rental market.

“While there is no 100 per cent certainty to the future of the rental market, this is a strong indication of what is happening right now and what we can expect to see in the short- to medium-term future,” Mr Woschnak said.

Independent property analyst SQM Research states the vacancy rate in Coffs Harbour is 2.3 per cent, with 144 vacant properties available. The Housing NSW report also found rent on a two-bedroom home in Coffs Harbour increased to $210 in the latest quarter, while three-bedroom home remained unchanged for a median rent of $290.



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