Rental properties easier to find
FINDING a house to rent in Coffs Harbour is said to have greatly improved, following record low vacancy rates earlier this year.
Industry research suggests that more units and houses up for lease now than in previous months.
The NSW Real Estate Institute’s latest figures show the percentage of available rental properties has increased 0.8 per cent in October to stand at 2.7 per cent.
Local agent and NSW REI director, Christine Clarke, says the rental market often stabilises leading up to Christmas, but this year tenants have had to compete with stronger demand for properties than ever before.
“In Coffs Harbour generally speaking rentals have been tight,” Christine said.
“Vacancy rates have been very low, investment is still strong, but there hasn’t been a lot of new development, very little in terms of new buildings to cope with growth in population and demand,” she said.
Her comments were echoed by REI NSW president, Steve Martin, who said there had been a significant increase in available rentals.
“Investment in rental properties has improved over the later part of this year with lower interest rates and good rental income enticing investors into the market,” Steve said.
“This is a very good result, particularly when compared to other regional centres where vacancy rates have either fallen or remain steady,” he added.
- NEW home constructions across New South Wales are on the increase with government incentives to stimulate the housing market are being snapped up.
And one local real estate company is reporting strong activity in the regional property market.
With 17,810 property transactions taking place across the State in September 2009, activity has exceeded levels last seen when the market peaked in 2007, according to recently-released State Government figures.
“Government incentives have helped the property market during difficult global economic times,” says Gary Carr, principal of Elders Coffs Harbour.