RENTAL BOOM: Grafton market experiences surge in demand
THE Grafton rental market is booming, with a recent growth in demand for properties driven by staff arriving en masse at the recently opened Clarence Correctional Centre.
In the past 30 days alone, Elders Real Estate Grafton has leased 15 properties, fielded 348 inquiries, received 184 applications and conducted 83 inspections.
Elders Grafton’s licensee in charge Karen Gorton said the demand spike exceeded the rental market growth experienced during the height of the Pacific Highway upgrade and new Grafton bridge construction.
“We have at least 20 good applications that have been approved just waiting for a house in that median price range,” she said.
“A lot of the demand has to do with staff arriving at the new jail, just like during the road works a couple of years ago that saw rental demand really pick up.”
Ms Gorton said during the Pacific Highway upgrade roadworks demand remained strong for around two years, until a drop in demand saw prices fall.
“There was a market correction that saw a bit of oversupply around four or five months ago, but now the jail has opened and is operational those workers have started to come in,” she said.
“It’s all happened over the past three or four weeks and it’s taken us a bit by surprise.
“A lot of the staff came for training and were in temporary accommodation but now the jail is up and running and they’re bringing their families they’re looking for a house to live and it’s hard to find them one.”
Ms Gorton said across all agencies in South Grafton there were only four houses and three units now available for rent.
“If you’ve been thinking about putting your house up for rent now is the time to do it,” she said.”
“Listings are really scarce as well, anything that’s listed is selling if the price is right, so I think that’s a good sign for Grafton and the market as a whole.”