Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Coffs Rentals Are in Demand

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Coffs Rentals Are in Demand

Article excerpt

THE incredible demand on Coffs Harbour's rental market has eased; but only very slightly.

The latest Real Estate Institute of New South Wales (REINSW)Vacancy Rate Survey Results show that Coffs Harbour's vacancies stand at just 2.3%.

While an extremely tight result, the figure has eased from all-time lows earlier this year. In April the vacancy rate was at a tiny 1.6% and in March it was just 1.5%.

It's a situation mirrored right along the northern NSW coastline. The Northern Rivers' vacancy rate stands at just 1%, the Mid North Coast is 1.5%, the Hunter rate is 2.4% and the Central Coast 2.3%.

REINSW president John Cunningham fears the situation will worsen, depending on the direction of public policy.

"We have heard much debate over the possible abolition of negative gearing in recent times, something we do not support," Mr Cunningham said.

"If this was to occur we would expect to see a decline in construction and a fall in vacancy rates. This in turn would result in landlords trying to increase rents and a fall in prices for new-builds coming into the market as investors are not happy to make a loss on their investments."

The extremely tight rental figures follow a survey released last week that showed Coffs Harbour's rental prices are considered "unaffordable".

The Rental Affordability Index, created by National Shelter, Community Sector Banking and SGS Economics and Planning, also deemed surrounding areas such as Grafton, Nambucca Heads and Bellingen as "moderately affordable".

The report found households on around $500 a week are paying up to 85% of their income on rent.

The report prompted lively debate on the Coffs Coast Advocate website and Facebook page, with many local renters venting their frustration at the current situation.

Many of them blame governments for not addressing the issue of supply of affordable housing. …

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