Landlords laughing as property market boosts rentals demand
THE thriving Northern Rivers real estate market means the region has the lowest percentage of rental vacancies in the state.
The Real Estate Institute of NSW's vacancy rate survey reveals that only 1.3% of the region's rental properties were available to rent in August.
Higgins Real Estate Lismore principal Patrick Higgins chalked the low number of vacant rentals up to high property sales.
Although the agency has higher than the region's average number of rentals avail-able, with about 10 of its 200 properties vacant, Mr Higgins said many of their land-lords had sold their properties.
"A lot of owners have been holding out until the market improves. And it has," he said.
REINSW president Malcolm Gunning said more people were buying houses with interest rates at a historic low.
He also said the hundreds of construction workers employed as part of the Pacific Highway upgrade had increased the demand for rental properties.
The region's beaches were also attracting renters and buyers, Mr Gunning said.
He said an increasing number of people were willing to travel further to work in order to find properties that suited their lifestyles.
Mr Gunning said there was also a rise in the number of people in the region who were able to work from home.
Rental vacancies have been consistently low across the Northern Rivers in the past year with availability dropping to 1% in November 2014.