Monday, 28 November 2011

Maitland Local Government Area Rents up 10 per cent

Maitland Local Government Area Rents up 10 per cent

PRDnationwide has undertaken research on the Maitland Local Government Area, revealing the boom in the number of residents was pushing rents up in the region.“Maitland has been the fastest growing inland town in NSW over the past few years, with an average growth rate of 2.3 per cent per annum between 2005 and 2010,” said report author, PRDnationwide research analyst Oded Reuveni Etzioni. The boom in population has led to increasing rental prices.

“The mining industry draws interstate and cross Tasman employees to the Hunter Valley, leading to an increased demand for rental accommodation,” said Mr Reuveni Etzioni.

“Maitland has witnessed a 10 per cent increase in the median rent for a three bedroom house and a 12.5 per cent increase for a two-bedroom unit,” he said.

The researcher said the shortage in rental properties is expected to continue in the short to medium term as mining companies intensify their operations in the region.

But while rents are increasing – the median house price has decreased slightly – dropping by two per cent to $348,000.
However the long term average growth recorded over the past five years remained positive at 4.4 per cent per annum.

“The most active suburbs for the first half of 2011 were identified as East Maitland, Rutherford and Thornton,” said Mr Reuveni Etzioni.

PRDnationwide Hunter Valley licensee Luke Anderson said: “The increase in demand for homes in the Maitland area has been amazing. “The trends we have seen so far look set to continue on both the sales and rental sides of the business.”