Where are the cheapest rentals on the Coffs Coast?

RENTAL CRUNCH: The rental vacancy rate in August dropped to just 2.4%.
RENTAL CRUNCH: The rental vacancy rate in August dropped to just 2.4%. KentWeakley

FINDING a rental home on the Coffs Coast just got a little harder.

The latest REINSW Vacancy Rate Survey found Coffs Harbour's rental market continues a trend of limited availability.

The rental vacancy rate in August was just 2.4%, the second lowest result for 2017.

In July the vacancies were slightly higher at 2.9%, but June was particularity hard to find a place to live as vacancies were at their lowest level for the year so far at 2.3%

The recent tightening is a change in fortunes from May, when the vacancy rate stood at 4.1%.

Despite the demand, a new report has found renting, on average, is becoming more affordable nationally.

The latest Adelaide Bank/REIA Housing Affordability Report found the proportion of median family income needed to meet rent payments reduced by 0.6% during the second quarter of 2017 to 24.3%.

REIA president Malcolm Gunning said, historically, rental affordability declined markedly from the June quarter in 2007, reaching its lowest point in the March quarter of 2010.

"Since then, rental affordability has been showing a trend of improvement, reflecting the pick-up in investment in housing from the end of 2011."

When it comes to the price of rentals, the amount paid varies widely across the Coffs Coast.

According to the latest quarterly breakdown from CoreLogic, the cheapest median rental price can be found in Urunga and Nambucca Heads, where units come with a median price of $280 per week.

If it's a house you're after, Dorrigo has the cheapest rent in the region. Houses in the village have a median rental price of $300 per week

Toormina units also represent good value, with median prices at $320 per week, while Coffs Harbour and Sawtell units have a median rental price of $330.

At the opposite end of the scale, Sapphire Beach houses had the most expensive median rent for the past quarter at $465 per week.

Bonville had the second most expensive rentals, the houses having a median rent of $485 per week.

The northern beaches featured heavily in the priciest rental areas, with Moonee Beach and Sandy Beach both recording median house rental prices of $465 per week.

Topics:  coffs coast real estate renting urunga

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