‘Almost impossible’: Rentals are running out in these five South Coast suburbs | South Coast Registry

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Rentals in the Shoalhaven suburbs of Worrigee, Vincentia and Ulladulla are running out, according to new data. And the same goes for Surf Beach in Eurobodalla County and Eden in Bega Valley County, as the pandemic has driven many a swap in their metropolitan lifestyle for sea change in the NSW region. New research commissioned by Well Home Loans has identified 20 NSW suburbs that have a maximum of three vacant rental properties. Eden ranked number nine, with only one house available and a $90 per week increase in rents over the past 12 months. Surf Beach came in at number 12 and Vincentia at 14, both with an available home and an $80-per-week increase in rents over the past 12 months. Worrigee ranked 18th with three houses available and a $75 increase in rents and Ulladulla, number 19, with one house available and a $70 increase in rents. The Illawarra suburbs of Bulli and Thirroul are also on the list. Well Home Loans CEO Scott Spencer said there were two different stories in these 20 suburbs, with investors in a strong position and tenants in a weak position. “If you’re an investor in a suburb that only has three vacant rental properties, tenants have to compete for your property, which gives you the opportunity to drive up rents,” he said. “Conversely, if you are a tenant, life is really hard, because it is difficult to find accommodation and you know that the rents go up quickly. so even if tenants were willing to move from one or two suburbs, they would still struggle to find accommodation.” All of the suburbs on the list were in regional areas – none were in Sydney, indicating that despite skyrocketing housing costs in Sydney, the housing crisis is hitting the regions harder.Michele Adair, CEO of the Housing Trust, has called for a comprehensive overhaul of housing in New South Wales to cope with the rising cost employment trends mean that going forward, seven of the 10 job categories that will grow the most are in the lowest wage brackets,” she said. declared in December D. To qualify as “vacant”, a property had to have been advertised for rent for 21 days or more. To ensure that each suburb had a legitimate rental market, suburbs were excluded if they counted less than 500 properties l ocatives. Suburbs were excluded if neighboring suburbs had a vacancy rate of 1% or more, ensuring that neighboring suburbs also had tight rental markets. Areas with less than 5% rental properties and those with low rental growth over the precious year were also excluded. The result was a small list of NSW suburbs that had legitimate rental markets and where tenants competed the most for available accommodation. Suburbs were then ranked based on the biggest change in home rental rates over the past 12 months. We depend on subscription revenue to support our journalism. If you can, please register here. If you are already subscribed, thank you for your support.


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