The current rental market across Newcastle and Lake Macquarie is running hot. We have been writing for months now about low rental vacancy rates across Newcastle and Lake Macquarie and the impacts this has on driving house prices and rents upwards.
As in basic economics, as supply decreases and demand increases, prices increase with demand. The thinking of "my property is worth what someone will pay for it", while true, can have more significant consequences.
In this article we provide an overview from a property management perspective of what is happening right now for renters across the region, our frank opinion on the exploitative nature of some rental asking prices, and the impact this is having.
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.
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.