Murwillumbah's rental crisis eases

A DRASTIC shortage of homes for rent in Murwillumbah has eased but people looking for accommodation have been warned to get their names on agents' lists, fast.

Plenty on offer: Elders Murwillumbah’s Drew Wade.

A DRASTIC shortage of homes for rent in Murwillumbah has eased but people looking for accommodation have been warned to get their names on agents’ lists because properties are rented quickly.

Some agents have begun occasionally placing signs in front of their premises advertising “rentals available” – a far cry from previous notices warning “Sorry no rentals”.

Elders Real Estate principal Peter Way yesterday revealed “there are probably a few more rentals available” but stressed the market was in no way flooded and landlords were still able to ease up rents to cover rising interest rates and other costs.

“It’s always hard to find a good rentals in Murwillumbah,” he added.

“There’s a few more than in the build-up to the financial slowdown and we generally place people fairly quickly.

“Most agents who have got rentals would have a few available.

“But it’s not a case of landlords screaming to get places rented. Rentals might stay on the board for a few days or a week.

“The only reason for vacancies would be the rent is too high or it’s too far out of town.”

Mr Way said at this time of year the decision by some landlords to sell their properties prompted some tenants to move and it was also a good time for prospective tenants to “come in and have a look”.

“They should come in and put an application down,” he said. “If they haven’t already made an application they are behind the eight ball.”

In September the opening of a new block of 28 public housing units in Byangum road in Murwillumbah was tipped to help ease a long-term shortage of affordable rental housing in Murwillumbah.

NSW Housing statistics reveal renting in the Tweed is still a costly exercise – not as dear as in Byron Shire but more expensive than in areas such as Lismore.

In the June quarter this year the median rent for a three bedroom home in the Tweed edged up by 1.4 per cent from the same time last year to $350.

In contrast renters were paying $430 a week for a three-bedroom home in Byron Shire, $365 in Ballina and $300 in Lismore.

Renting a two bedroom unit in the Tweed was likely to cost $285 a week, up 1.8 per cent from the June quarter last year, compared to $333 in Byron, $260 in Ballina and $208 in Lismore. While the number of rental properties available has increased slightly, house sales particularly in Murwillumbah continue at a steady pace.

According to the nationwide firm of valuers Herron Todd White new homes in Stockland’s “Hundred Hills” and Metricon’s “Riva Vue” are steadily selling.

“Approximately half of the new residential blocks created have been sold,” the valuers said.

“This has provided ample residential stock for sale in Murwillumbah, which is having a dampening effect on the overall residential sales market of older/existing homes”.

Originally published as Murwillumbah's rental crisis eases