We've all seen property prices skyrocket post-COVID, particularly in regional areas such as Newcastle and Lake Macquarie. Exodus from capital cities, increase in numbers of people working from home, and a desire to live somewhere with more space and a greater lifestyle has all been part of this shift.
In this post, we detail what this shift to the regions - specifically to the Newcastle and Lake Macquarie area - has had on two primary measures of the rental market: rental vacancy rates and weekly rental amounts.
We take a look at how these two measures have changed over the past 12 months across the following broad areas of the region, to provide a snapshot to answer the question "How's the market?":
We were very pleased to have been contacted by the Australian Financial Review to provide insight into the current rental situation outside the capital cities, as shared in this article.
Back in September and October 2020, we highlighted data which showed Lake Macquarie East had the lowest rental vacancy rates in the entire country (as at end of Sept 2020). We also commented on research showing that people are relocating to regional areas away from capital cities, which is in turn helping to drive house price growth and lower vacancy rates in regional areas.
Now, thanks to data provided by SuburbTrends, we have a remarkable visualisation which shows - in just 30 seconds (!) - the changes in vacancy rates among capital cities and regions over the past 24 months.
We've written before about the findings of the 2018 Voice of Australian Property Management Report, which found that most property managers are inexperienced, many are not happy in their role and want to leave their job, and that staff retention is often a low priority for real estate agency owners. Yikes!
We know from experience that investors can feel it's a case of "better the devil you know", staying with a less than satisfactory real estate agency simply because that has become the expected level of service.
Not happy with that, we've taken a look at our own data to determine how we "stack up" in terms of client satisfaction. We're pleased with the results!
The latest data from month ending 30 September 2020 has shown that Lake Macquarie East currently has the lowest rental vacancy rates in the entire country.
In NSW we are endlessly presented mainstream media reports about the property market, heavily skewed by data from Sydney and Melbourne. The reality is that so much of what we are presented simply does not apply in our local area or regional areas generally.
In this post we present the latest data specific to vacancy rates across Newcastle and Lake Macquarie, and discuss research showing that people are relocating to regional areas away from capital cities, which is in turn helping to drive house price growth and these lower vacancy rates in regional areas.
Rental Affordability From A Tenant's Perspective - Findings From The Australia Talks National Survey
You may have heard or even participated in the ABC's Australia Talks survey project.
In July 2019, the Australia Talks National Survey asked 54,000 Australians to share their thoughts and feelings on almost 500 questions "about their lives and what keeps them up at night".
While the topics covered were varied, a summary has recently been compiled highlighting a selection of findings specific to the differences in points of view between landlords and tenants.
Most interesting were the opinions of renters about the affordability of rentals and housing in Australia.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.