Four to five times more people looking for rentals in Albury and Wodonga | border mail

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Vacant homes on both sides of the border have remained close to zero for the past two years, according to property experts. Vacancy rates for residential properties in Albury have remained below 1% throughout last year, with the exception of May, according to data from the Real Estate Institute of NSW. From February 2020 to January 2021, the residential vacancy rate was below 1% for three quarters of the year. Elders Real Estate Albury-Wodonga department manager Sue Ritchie said the market had tightened “significantly”. “It’s definitely a changed market,” she said. “I’ve been doing this for 28 years, and the market is most active in Albury-Wodonga in January, February, which coincides with the changes in the army and the university. “It has become much more difficult. We used to find around 130 properties on the rental market, whereas right now we have 43.” The vacancy rate in the Wodonga-Ovens Valley area was 1.4% in January, according to the Real Estate Institute of Victoria. In other news, the figure is up from a decade low of 0.9% recorded the previous January, and just 0.1% below where it was before the COVID-19 pandemic. 19. The vacancy rate was the lowest she had seen in 17 years as an agent. “We have 1,300 properties, and six are available for rent,” she said. “You are considering 0.05%”. The agency recently received around 200 inquiries per day for nine properties. Ms Martin said that compared to the same pre-COVID period, there were four to five times as many people looking for rental accommodation. “I think it’s going to continue like this for the rest of the year,” she said. Rent has gone up $80 to $100 a week on average since the pandemic started. The average vacancy in Wodonga increased by 0.5%, compared to 0.9% in 2021. “It would be around five houses for us, from five to eight or 10 vacant units,” said Ms. Martin Emma Clements, head of the commercial development from Stean Nicholls, said Albury and Wodonga have historically had low rental vacancy rates of around 3%. She said their office was operating at a ‘zero percent’ vacancy rate.” The average rent in Albury has been around $420 a week for the last 18 months,” she said. “We’ve had a growth rate of 7.75% over a 10 year period, which is quite high. Ray White’s chief economist, Nerida Conisbee, said more people than ever are moving to the Australian region. e. “When people come from Melbourne or Sydney, they look at the areas very differently in terms of price,” she said. “They tend to compare prices in the city they’re from, as opposed to historical trends in the city they’re moving to.” Ms Clements said rental demand meant long-time residents suddenly had to pay sky-high prices. “They just can’t afford to do that,” she said. Our reporters work hard to provide local, up-to-date news to the community. Here’s how you can continue to access our trusted content:


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