Despite a healthy property market, it is local renters that are still feeling the squeeze according to Ray White’s principal agent Lynn Hall.
“The rental market is as tight and the vacancy rate as low as I’ve probably ever seen,” she said.
“Last Tuesday afternoon on realestate.com with all the agencies in Echuca, there were still only four available properties.”
Between 2008 and 2012, I’ve seen it up to 180 and there were four available properties for rent. That’s your biggest thing here. It’s not the sales, it is the rental crisis.”
Ms Hall said a part of the problem was the cost of living crisis, a rising interest rate and the increasing need for people to sell off investment properties rather than renting them out.
“You’ve also got to bear in mind increased interest rates. Their mortgages increased on their investment. So what are they going to do? They’re going to sell their investment,” she said.
“They’re not going to sell their own home to keep an investment. If they sell it with with people living there well then you've got families looking for somewhere to live. It’s a complex situation.”
The competitive rental market may be pushing younger people into purchasing their first property.
“We’ve seen quite a number of first home buyers, which is fantastic. I think possibly people are buying also because there’s no rentals,” Ms Hall said.
Ms Hall said when houses are on the market they are there for short periods and selling at all price levels.
“Properties are selling if their price correctly meets current market conditions. But all price ranges still seem to be selling,” she said.
“For us personally, a house is sold within probably 30 and 40 days from the time it hits the market.”
Ms Hall said people shouldn’t have a problem finding a property to buy but that was all about preparation.
“It’s making sure that people are doing their homework and all that they’ve got their pre-approval and all that sort of thing as well,” she said.
“I always like people to go and talk to their bank before they go looking for a home because there’s nothing worse than finding a home and then finding you can’t get the money for it.”