NSW property: Wagga rental rates at an all-time low

The pandemic has seen Sydneysiders snap up regional properties, putting strain on Wagga’s rental market. These are the ways you will stand out from the pack and the most popular suburbs to rent.

The extraordinary impact the global pandemic has had on regional NSW means more and more Wagga residents are struggling to put a roof over their heads.

The latest Real Estate Institute of NSW figures reveal the rental vacancy rate in Wagga has plummeted from 3.1 per cent to 0.7 percent in just two years.

People moving to regional NSW because of covid’s impact on working conditions with more people working from home, has largely triggered this trend, Fitzpatricks Real Estate department head of property management Sonia Greentree said.

“The supply of rental properties versus the demand has completely changed,” Ms Greentree said.

“There has been an increase in rentals inquiries but there are limited properties that are available for lease, mainly because people are buying as the interest rates are very low.

The rental vanacy rate in Wagga has fallen to just 0.7 per cent. Picture: James Ross

A sea change used to be one of the most common phrases people used when they decided to move, but lately people are opting to for a tree-change.

Since the initial covid outbreak, many metro residents have snapped up much-cheaper regional properties across Australia.

A quick search on realestate.com shows there are currently only 61 properties in Wagga available to rent, ranging from a one-bedroom units to four-bedroom homes.

In comparison the greater Sydney area shows approximately 12,183 properties are available to rent.

Wagga is an ideal location for a tree-change for Sydneysiders. Picture: Michael Frogley

The average rent for properties leased out in Wagga for the financial year from 2018-2019 was $334.00, 2019-2020 was $349.00 and 2020-2021 was $365.

“We have seen a lot of our investment properties leave the rental investment market,” Mrs Greentree said.

“Even trying to find properties to sell is a struggle, there are a lot of buyers but not many properties to actually buy.”

Rent prices for the past three years:

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From the experts: Scoring a property

Mrs Greentree said there were some ways for prospective renters to stand out on their applications.

“It is always incredibly hard to get into the rental market especially if you are a first time renter,” she said.

“Don’t be upset if you miss out, you are competing against people that have proven track records with paying their rent on time and looking after a property.

“Tenants can say they will do those things but without that rental history or reference, we don’t know for certain.

“Pets can also be an issue, if you have people that do have animals versus someone that doesn’t have animals they are going to lean towards the person who doesn’t.

“For first-ime renters, adding a parent on a lease to assist and provide a stronger application.”

Rosie Chapman says renters should introduce themselves to get a head start.

Raine and Horne Leasing consultant, Rosie Chapman, said that it was a very competitive market at the moment.

“Usually we would see properties getting 8-10 applications, however we are now seeing up to 30 applications per property,” said Ms Chapman.

When going up against 30 other applicants, Ms Chapman gave some top tips for getting the rental of your dreams.

1. Be Prepared: Have all of your required documents ready to go. Have the forms all correctly filled out and ID’s attached, as this will increase your chances of being looked at first and showed to the owner.
2. Make an effort: Cover letters allow agents and the property owners to gain an understanding of who you are and whether you would be a good fit for the property.
3. Introduce yourself: Stopping by the agency is a great way for agents to put forward your application, as they are able to put a face to the name, it also personalises the experience a but more.

“Central Wagga, Turvey Park, Lake Albert and Kooringal are the most popular areas for renters,” said Ms Chapman.

“As soon as a property pops up in one of those suburbs, they are gone.