In demand: Mudgee residential rental market tighter than ever
Since the easing of COVID-19 restrictions in early June, Mudgee has received an influx of people like never before.
Domestic travel is at an all-time high, and Mudgee – located an easy three hour drive from Sydney – seems to be on everyone’s to do list.
Like many tree changers, visitors tend to fall in love with everything Mudgee has to offer – the wineries, beautiful surrounds, history and relaxed lifestyle – and opt to make the move here. And with COVID-19 making working from home and working remotely necessary for many workplaces, working and living in a regional town, like Mudgee, is a popular choice for many. Housing prices are far cheaper than the city, the cost of living is relatively inexpensive, and jobs are plentiful as many tourist providers look to hire more staff to deal with the surge of visitors. Add to that work from major infrastructure like the mining and farming sectors, along with employment generated by the demand for new housing, and Mudgee is fast becoming a hub for new jobs.
There’s also been a flow-on effect to the housing market – our agency has regularly recorded 100% occupancy rate in the last few months, with no available rental properties. The demand for housing is unprecedented, with both the sales and rental market under pressure from people making the move to Mudgee for a lifestyle change or job opportunity.
The market is tight and competition is fierce. Our agency is regularly leasing properties, without advertising, to qualified tenants as soon as the outgoing tenants give notice. Advertised properties are often receiving multiple applications, with some people even offering additional rent to secure a home.
And there is no relief in sight – the current demand is only expected to increase, which will likely push median rent prices up again before the end of 2020.
If you’re considering purchasing an investment property or renting out your home, now is the time to do it. Our agency is regularly taking calls from clients looking for homes for their family/friends, or from local businesses, keen to secure suitable accommodation for workers moving to Mudgee for projects.
If you’re looking for a professional, efficient agency to manage your investment, then contact Edwina Smith from Signature Properties Mudgee on 0429 328 086 or email edwina@spmudgee.com.au and experience the Signature Properties Mudgee difference for yourself.
