Leasing On The Surf Coast
Despite the current lockdown and the economic uncertainty, it’s bringing, the Surf Coast leasing market remains strong.
In fact, the main problem at the moment is that there aren’t enough homes available for permanent rentals. We take a look at the current state of play and what it means for you if you’re looking to lease out your Surf Coast property or rent one.
An overview of renting on the Surf Coast
Even in the face of the coronavirus, the local rental market has stayed strong here on the Surf Coast.
REIV reports that in July 2020, the average vacancy rate across regional Victoria was just 1.8%, down from 2.0% in May 2020. This tight market is exactly what we’re seeing here, with demand far outstripping supply, especially when it comes to quality family homes.
That shouldn’t be surprising. There has always been strong demand for rentals here on the Surf Coast. That’s partly because people often move here from Melbourne or elsewhere for a change of pace and want to ‘test the waters’ before committing to buying. In uncertain times, people often become more conservative when it comes to making a move, making renting first a very attractive option.
It’s also because the sales market is suffering from a lack of stock right now. This is reflected in the average house price, which has actually risen in both Anglesea and Torquay during the pandemic. The median house in Torquay now costs $837,000 compared to $830,000 in January 2020. In Anglesea it is $1.025 million compared to $942,500 at the start of the year – a rise of of 8.75%
There is a lot of demand for quality properties and those who miss out need somewhere to live. This has implications for property owners as well for people looking to make a move.
Considering leasing a home on the Surf Coast?
If you’re considering permanently letting your home in Anglesea, Torquay or elsewhere on the Surf Coast, now is a very good time to do so. Not only are there few properties for lease, COVID-19 has caused many city-dwellers to reassess what they want from life.
Just as the rising house prices show, we’ve noticed growing interest in a move right here.
Often, the people moving to our region are professionals and families who intend to put strong roots down on the Surf Coast. Some are actively looking to buy or are in the process of building their own home. But for the moment, they need somewhere to call home.
Renting your home – furnished or unfurnished?
Given that so many renters in our area fit this description, the Surf Coast rental market is a little different to most places. Some renters are looking specifically for a furnished property – something that’s not as common in metropolitan Melbourne.
This is particularly good news for people who have a second home here or a holiday home that’s usually rented out only for very short-term leases. There are many qualified and quality tenants who are likely to be interested in renting your property on a longer term lease.
This could provide an important extra revenue stream during an uncertain time.
Others prefer unfurnished properties for the simple reason that they have their own furniture. However, given the shortage of properties, tenants will often consider both.
Looking to rent on the Surf Coast?
If you’re a prospective tenant looking to rent a property, the tight market means you should register your details with a local real estate agent. Making a new start isn’t easy at the best of times but it’s more difficult right now.
Very often the best rental properties on the Surf Coast don’t even make it to market and you won’t see them advertised on a property portal. Real estate agents will market to prospective tenants directly before the wider public knows it’s for lease.
In this environment, we’re doing what we can to match tenants with the right property, so they don’t miss out on the chance to experience life right here in the kind of home they want.
The growing appeal of a quieter life
Victoria may be going through a difficult time right now but there are real reasons to stay positive about life here.
Relocating to the Surf Coast is becoming an attractive option for more people, offering a healthy lifestyle – all just over an hour from Melbourne and within easy reach of Geelong.
People want to feel they can breathe again, and many people have told me that’s exactly what the Surf Coast lets them do.
If you’d like to know more about leasing your home or renting on the Surf Coast, get in touch.