The Central Coast rental property market continued to tighten in November, according to official data compiled by Gosford based data analytics firm See Change Solutions.
Rental vacancies as low as 0.2 per cent of total supply at Avoca, Copacabana and Macmasters beach were recorded.
Even more established rental suburbs like Gosford have fallen to 0.4 per cent of total supply. For the broader Central Coast, the rental vacancy rate fell to an average of 0.4 per cent in November, down from 2.5 per cent in May.
According to Domain, vacancy rate of 3 per cent is where rental demand and supply are in equilibrium. Director of See Change Solutions, Patrick Spedding, said such low rental vacancies have a real impact on weekly rental rates which continue to trend upwards.
The average weekly house (three bedroom) rental rates were $493 in the Gosford/Erina 2250 postcode, $373 at Doyalson, postcode 2262 and as high as $595 at Avoca, postcode 2251. Spedding also draws in Airbnb data to help explain these rental trends.
Airbnb occupancy rates across many waterside suburbs have been remarkably high for many months, with numerous suburbs such as Budgewoi, Toukley, Killcare and Umina Beach recording over 50 per cent occupancy rates in November.
The overall average Central Coast occupancy rate was a remarkably high 45%.
Central Coast Newspapers is following this story closely and encourages readers to contact us with their own experiences in the rental market. See our website for contact details.
Information Source: See-Change Data Solutions