According to Brand Property, the central coast region of New South Wales is expected to experience a rental market boom as housing seekers escape from inner city neighborhoods.
During the period May to August, Brand Property saw a 196% increase in tenant inquiries and a fourfold increase in inquiries for homes on the Central Coast.
Andre Kubecka, director of Brand Property, said the expected surge in demand for rental accommodation in the Central Coast region comes as rental vacations in Sydney's central business district remain the highest in the world. country.
"People in Sydney who worked from home during the coronavirus now consider living on the central coast viable and much more affordable," he said.
Figures from SQM Research show that Sydney reported a 3.5% increase in job vacancies in August, with the Sydney CBD region posting the highest vacancy rate at 12.9%.
Louis Christopher, managing director of SQM Research, said this was the opposite of what was happening in most regional locations where vacancy rates continue to decline.
"The transition to regional life continues at a steady pace, largely at the expense of higher rental vacancy rates in city centers. I suspect it will soon take a highlight in this movement However, I also suspect that there will be a degree of permanence with the massive displacement of the population, ”he said.
The latest report from the Real Estate Institute of New South Wales (REINSW) showed similar results with regard to regional locations. However, he reported that while vacancies in most regional locations across the state remained tight, Central Coast was actually one of the few to report an increase in the vacancy rate in August.
Tim McKibbin, CEO of REINSW, said tenants are now looking to get a rental property that fits their budget.
"With so many people experiencing job losses or reduced wages, many tenants have had to forgo properties and go in search of more affordable options. Homeowners faced with properties vacancies in turn reduce weekly rents to attract tenants. McKibbin said.
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trott park
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Collingwood
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