Pressure on regional renters finally easing

from Tweed Valley Weekly, August 10, 2023

Campdraft event a huge success

By Jo Kennett

ACCORDING TO the latest data from Proptrack, it looks like conditions are finally beginning to ease for cash-strapped regional renters and though rents are still high in the Tweed Shire and Coolangatta, there are good signs for tenants here with vacancy rates up.

Some places like Bogangar have seen a drop from a median of $950 a week at the end of May to $820 at the end of July.

Banora Point dropped from $850 to $800 at the end of July.

Proptrack economist Angus Moore said the improvement comes after three tough years for regional renters.

“Rental markets in regional areas have been extremely tight since mid-2020, when largerthan-typical population flows from capital cities to regional areas soaked up much of the available rental stock,” Mr Moore wrote in Proptrack’s report.

“Since then, regional rental markets across the country have had few available rentals.

“Rental vacancy rates - which measure the number of available rentals as a share of the total number of rental properties - have been sitting at, or even below, 1 per cent regionally.

“That’s substantially lower than pre-pandemic.”

Mr Moore said the consequence of this limited availability of rentals has been rapid increases in rents, which many renters have had to endure in the Tweed Shire.

Rents in regional NSW rents rose from a median of $390 to $495 per week while rents in regional Queensland, rents grew from $390 to $520 per week, a whopping $130 increase.

Times have been really tough in the Tweed Shire for renters, with skyrocketing rents and lack of rentals sending many tenants packing for Queensland, where they have been much cheaper.

The pandemic explosion in city migration to regions like the Tweed Shire saw many renters receiving notice to move out as new owners opted for the sea or tree change or pushed for higher returns.

The Weekly has spoken to scores of renters since the pandemic real estate boom who

Open Homes

moved out of the shire, mostly to coastal areas further north in Queensland where rents were much cheaper. Some have even managed to purchase homes in those areas. Others have managed to hang onto their homes even though their rents jump substantially, some by hundreds of dollars.

It’s been a terrible, stressful time for anyone who hasn’t had a chance to get into the property market, particularly younger residents, but Mr Moore says there are signs that conditions are starting to improve.

“Rental vacancy rates have been drifting up across regional areas over the past 12 to 18 months,” he said in his report.

Regional NSW has seen vacancy rates move from less than 1 per cent a year and a half ago to 1.7 per cent today.

“While these improvements will be a welcome reprieve for regional renters, conditions are still tough,” Mr Moore said.

“Availability remains limited in regional markets...but conditions have improved, and are continuing to do so, which is a good sign for regional renters.

“That improvement in availability is also showing up in rents. “Rents regionally have been flat, or even declined a little, over the past six months in most regional areas.

“Again, these are not large changes, particularly relative to the substantial run up in rents when compared to three years ago.”

That has also been evident in the Tweed Shire.

Locals have pointed out a number of homes to The Weekly that they say have sat empty for months, with few people coming to inspect these properties. One agent The Weekly spoke to said many tenants have reached their price ceiling and can’t go any further.

Even cheaper ones like a two bedder for $550 across the road from the beach saw only a handful of interested applicants. Despite the reports of wage rises, they don’t seem as evident here, with several tenants telling The Weekly they are paying substantially more in rent on the same wage they have been on in some cases for years.

Mr Moore said that with vacancy rates beginning to ease, and population flows from capital cities returning to more typical levels after the pandemic, we are unlikely to see the same pressure on rents that we did over the past three years, which will come as welcome news for regional renters.

12 MUIRFIELD PLACE, BANORA POINT

MODERN ELEGANCE - FULLY RENOVATED SINGLE LEVEL WITH DUAL LIVING

The epitome of modern living - an exquisitely renovated residence that blends comfort, convenience, and style in a serene, quiet neighbourhood of Banora Point. Boasting a range of exceptional features and a prime location, this property promises an unparalleled lifestyle for you and your family. Meticulously designed private resort-style home, surrounded by lush tropical gardens and orchids, creating a tranquil oasis. Nestled in a quiet cul-de-sac, just a short stroll away from the newly revamped Banora Shopping Village with easy access to M1 and conveniently located only ten minutes from Kingscliff and Coolangatta Beach. Embrace the opportunity to own a low-maintenance dream home and fashion your personal paradise. Claim your slice of tranquility in this serene location today.

1 COODGIE STREET, TYALGUM

MIXED-USE DOUBLE BLOCK IN PICTURESQUE HINTERLAND VILLAGE

Discover the perfect opportunity to embrace a peaceful village lifestyle in Tyalgum, Northern NSW, with this exceptional property boasting a spacious family home set on a generous 1,518m2 double block. With mixed-use zoning, this property opens up a world of possibilities for both residential and possible commercial ventures. The charming location, coupled with the convenience of town water, sewerage, and a rainwater tank, makes this property a rare find in the market. Experience the true essence of village living while unlocking endless potential with mixed use zoning on this expansive block. Whether you envision creating your dream family home, embarking on a commercial venture, or exploring development opportunities, this property in the heart of Tyalgum's village has it all.

Freehold and Business

This Freehold opportunity is currently owner occupied and the business is also available for sale. High exposure site located right in the CBD of Murwillumbah opposite Sunnyside Shopping Centre. After over 20 years the owner is looking forward to the next chapter. The building currently trades as a retail tile showroom and is fully fit out. There is a studio available on the first floor with goods lift. The building has solar panels and off street parking for 6 vehicles.

Established over 20 years this solid performing business is ready for a new owner to take it to the next level. Centrally located in the CBD of Murwillumbah with the freehold for sale also could represent the perfect opportunity to secure both. The Tweed Valley is performing above the state average in growth and is the perfect location to live and work. Located in a high exposure location right opposite a busy shopping centre. There is a rear loading area and customer parking available. This business would be hard to fault and full ﬁnancials available on request.