We provide expert property management in Newcastle and Lake Macquarie. Based in Charlestown NSW, we have been delighting property investors with our personal, professional service since 2011. If you find this article helpful or enjoyable, please subscribe or share it with someone else who may benefit.
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.
Background To The Data
The data provided by Suburbtrends takes into account vacancies for both houses and units, and groups vacancy rates by Statistical Areas Level 3 (SA3) - geographical areas used for the output of regional data such as the Census.
SA3 regions generally have populations between 30,000 and 130,000 people, and there are 358 such regions covering the whole of Australia.
The map below highlights in green the SA3 region of Lake Macquarie East, which takes into account suburbs bordered by Glendale, Argenton and Boolaroo to the west; Rankin Park, Cardiff Heights and Kahibah in the north; and all suburbs east of Lake Macquarie as far south as Catherine Hill Bay.
As at 30 September 2020, the Lake Macquarie East region had a vacancy rate of just 0.2%, the lowest in the entire country.
In significant contrast, Melbourne City had a vacancy rate of 25.6%, Adelaide City 15.2%, Brisbane Inner 11.2%, and Sydney Inner City 8.4%.
As we wrote two weeks ago, 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.
When focused specifically on local data, our vacancy rates are the lowest in the country.
This reinforces other research highlighting 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.
We love looking at data like this. In conversations with investors, especially those located outside the Newcastle and Lake Macquarie region, we love being able to provide truly local knowledge backed by data rather than gut feel, and often in contrast to what is expected based on mainstream media reporting.
If you'd like to discuss your investment property in Newcastle or Lake Macquarie, contact us today.
We provide expert property management in Newcastle and Lake Macquarie. Based in Charlestown NSW, we have been delighting property investors with our personal, professional service since 2011. If you found this article helpful or enjoyable, please subscribe or share it with someone else who may benefit.
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.