Many long-established real estate agents in the Nambucca Valley are candid in saying that we're now facing a rental crisis.
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A quick scan on realestate.com.au shows there are currently only 10 available rental properties in the area, four of which are either studio or one-bedroom apartments.
LJ Hooker Nambucca Heads | Macksville's Troy Vance said there are people currently waiting in local caravan parks until a property becomes available.
He said this is the tightest property market he's seen in two decades, with a decrease in numbers of properties for sale in most towns around the valley.
According to data from CoreLogic, the most dramatic drops in property listings are being felt in both Nambucca Heads, with a 30.8 per cent decline in the 12 months to December 2020, and Macksville, with a 23 per cent decline over the same period.
The only area to have bucked this trend is Valla Beach, with a 4.8 per cent increase in available properties between January and December last year. However, there has been an overall 15.4 per cent decline in listed properties there too over the course of the past five years.
So why has there been such a marked drop in property owners wanting to sell?
"Where else would you rather live?" Troy said.
Added to this is a growing desire to relocate here.
Agents have anecdotally reported to us they have noticed a COVID-fuelled exodus of people from the cities to our piece of paradise.
And Troy said he'd recently sold three properties to buyers from COVID-ravaged New York, including one property sight unseen in Grassy Head.
But he said there's still a mixture between people wanting to move here, and those looking for a good investment.
"Because people are getting one per cent in the bank, they're looking to invest. There are good returns on bricks and mortar here, with capital growth and rental returns," he said.
"It's much better than keeping money in the bank at the moment."
Macksville especially has been seeing good yields on rentals with a significant number of new houses built on the subdivisions at Macksville Heights and North Macksville.
According to data from CoreLogic, the median weekly rent in Macksville has risen by 19.4 per cent over the past 12 months to $430. And rental yields have increased by around 0.5 per cent since April 2019.
Troy said there are currently over 30 land settlements awaiting registration. And there's a new 120 lot subdivision just around the corner.
"A lot of people have also shown interest in the Valla Urban Growth Area (VUGA)," he said.
And there is potential for people on large suburban blocks to subdivide, he said: "The smallest lot you can subdivide to is 450m2, subject to council approvals."
With a number of new houses on the cusp of being built, and more lots soon to be made available, Troy said there is a glimmer of hope on the horizon for people looking to rent here.
But his advice to current tenants is this:
If you're in a rental, stay in there as long as you can.