TOUGH MARKET: Holiday houses become long-term rentals
THERE isn't a shortage of long-term rentals in Yamba, but there aren't many affordable ones either.
Elders Real Estate Maclean and Yamba principal licensee Vikki Seekamp said she's seen a slight increase in the cost of rentals, but they are all new rentals on the market.
"We're seeing a few rentals move out of the holiday pool, people are saying we might permanen- tly let from February, but they are ex-holilday rentals,” she said.
With a higher-end feel, the rentals are being listed for a higher price and there are fewer low-end rentals available according to Ms Seekamp.
"There is a shortage of lower-end properties available. I think people in those properties are staying put because there isn't much else to pick from, they would probably have to move further away from the coast,” she said.
"Not many people are moving around... they are happy to take a $20 increase per year if that's what happens in order to stay.”
Despite what people may think, Ms Seekamp said roadworkers are not the only reason why there aren't many rentals available.
"The town is being discovered by other people from other areas,” she said.
"It's increased our hospitality industry, so we need more employees, it's bringing more doctors and dentists, that is creating a shortage as well.
"In the last couple of weeks I've had buyer's agents from the Gold Coast and Byron Bay, and the
word is in Byron to buy in Yamba.
"It's bringing investors in, they will create more rentals and they will keep it going.”
The rentals that are listed are not staying on the market for very long, but Ms Seekamp said there is still the same vetting process in place.
"We are absolutely making sure we are picking, or the owner is selecting, the best possible tenant for the property,” she said.
GRAFTON RENTAL MARKET
NEW INDUSTRIES are keeping Grafton's rental market strong according to Ford and Doughtery Property.
Property manager Tracey-Ann Burnett said they were receiving lots of applications from people outside of Grafton who were moving here for work, but also families and people upsizing and downsizing.
"The market is really strong, which is a good thing for Grafton,” she said.
"Grafton is certainly becoming a stronger regional area.”
While Ford and Dougherty only have a few rentals listed, Ms Burnett said they had been steady for the past 6-12 months.
"We have a lot of people staying here in town... we have new industry and I believe they are employing locals, they are giving them opportunities so they aren't leaving and they are staying here in town.”