Rental vacancies on the Coffs Coast at an all time low as federal government encourages more to move to regions

Coffs Harbour has recorded the lowest rental vacancies in the state, staying steady at 0.5%. according to The ABC Coffs Coast.

By The Editor

This is a vacancy drop from January when the NSW Real Estate Institute (NSWREI) recorded a vacancy rate o 0.89%.

In February the NSWREI found the the median rent in Coffs Harbour for houses is $480 per week and the median rental yield is 4.19%. Stock on the market for houses/townhouses has changed -62.39% compared to last year and the average time to sell a house/townhouse is 169 days.The median listing price for units is $385,000 and this has changed 28.76% over the past year.

The average unit takes 234 days to sell and the median rent for a unit in Coffs Harbour is $330 per week, producing a rental yield of 4.45%.

The median listing price for houses in February was $595,000 and this has changed 11.21% over the past year and changed 13.33% over 2 years. (See; https://www.realestateinvestar.com.au/Property/coffs+harbour )

The December 2020 figures as published by the NSWREI

Federal Government meanwhile encourages people to move from cities to regions with campaign

Despite the fact there is currently a housing crisis in some regional towns the Deputy Prime Minister, Michael McCormack, is launching a multi-million-dollar “move-to-the-country” campaign.

Michael McCormack speaks to the media in a courtyard at Parliament House

Launching the campaign Mr McCormack (pictured above) said; “”You could live like a king or queen in regional Australia.”

The Commonwealth has put $4.6 million towards the push, which was organised by the Regional Australia Institute, a not-for-profit think tank.

Deputy Prime Minister Michael McCormack said many city dwellers would be able to afford better houses in regional Australia.

A full story by the ABC on this federal government campaign can be found here; https://www.abc.net.au/news/2021-03-17/regional-jobs-going-begging-but-country-towns-full/13249574

2 thoughts on “Rental vacancies on the Coffs Coast at an all time low as federal government encourages more to move to regions

  1. “Our” Federal Government, which is in fact, owned and operated by politicians, to suit their own purposes, demonstrates two things in abundance – a stunning absence of leadership and a propensity to “shoot from the hip”, when eventually taking action, no matter what the issue.

    This particular move, and its announcement by McCormack, is further evidence of their policy of doing and saying whatever feels right at the time, in a process devoid of forward thinking. Potential consequences of actions are not considered in the rush to take action. This type of behaviour is reflective of panic, a need to be seen to be doing something other than putting out the fires created by allegations of improper and illegal conduct by some pollies and their staff members.

    Yesterday, many GP clinics were inundated with calls for appointments for Covid vaccinations because the Feds had announced the move to Stage 1B, before ensuring that supplies of the vaccine were available at some of those clinics, and without determining the capacity of some clinics to manage demand. The “open the flood gates and let the water do the rest” is an approach typical of Scomo’s form of “scatter gun” government.

    However, it has deflected attention form the elephant in the room – demands for an inquiry into the Porter allegations.

    McCormack’s claim that ”You could live like a king or queen in regional Australia.”, only holds water if you can find your particular palace there. Our last guesstimate at the market value of our modest three bedroom home was made pre-Covid. We thought that around $430 000 to $450 000 was reasonable. During the last week an albeit more substantial home with pool, was advertised for $750 000, within cooee of our place. That sort of money has to be out of the range of the young families who would typically be expected to buy in our area. What’s the point of moving out of the city, if you can’t afford a place in the “more affordable” country, either?

    At the height of the Covid recession, Scomo’s economy-centric recovery model, featured infrastructure creation and the plan to build, build, build. Many months later, nothing substantial has happened, despite the government making it easier for the wealthy to renovate the homes. As the economy has recovered, due to natural causes, rather than any government engineering, that need to build has apparently evaporated. Unless you might want to house the legions moving from the city to the country.

    It’s a no-brainer that a government sponsored programme of housing construction, in towns like ours, could kill several economic and social birds, with the same dollar – the provision of youth training via apprenticeships, creating affordable housing, and the injection of money into a national economy which, while recovering, could be stronger yet. Before putting any such measures in place to ensure that supply could meet demand, Scomo’s mob simply scream “Get out of the city, go bush and live like Royalty, (only without the racist overtones)!) The philosophy behind this seems to be “if you don’t build it, they will come anyway.”

    “Our” Federal Government is staggering from one blunder to the next, but with each error comes the true advantage of mistake ridden governance – the fact that the community is so busy giggling sardonically at the most recent stuff up, that the rhinoceros in the room, “A Misogynistic Parliamentary Culture”, is lost in the laughter.

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