THE rental market in Hamilton continues to be highly competitive, with locals saying they are struggling to find rental properties that are affordable and meet their needs.
According to the Domain Rental Report from September 2021, the median rent price for houses and units in the Southern Grampians in 2016 was $240 per week but has since grown by 10.7 per cent each year, making the median rent price $310 per week in September 2021.
Professionals Real Estate Hamilton principal, Melissa Ferrier said the local rental market had become more expensive, with one cause being the impact of the COVID-19 pandemic.
“Due to COVID there were no rent increases allowed for a 12-month period resulting in many landlords increasing the rent for the first time in two years,” she said.
“The cost associated with owning a rental property has increased due to changes in government regulations, from March 29 properties are now required to meet minimum standards and have safety checks conducted.
“Also, supply and demand will always result in price increases, supply has been less due to fewer people moving out of properties during COVID-19.
“Another contributing factor is that the sales market has increased considerably meaning less people are in a position to buy their own home.
“Also, some landlords are choosing to sell their investment property due to the changes in regulations.”
Southern Grampians Real Estate property manager, Rachael Kinna agreed the rental market had dramatically changed since the beginning of the pandemic, with less properties now available.
“There are few rental properties available at the moment, this is significantly different to two years ago,” she said.
“Over the past two years prices have increased as the demand has become higher.
“With the decreased amount of rental properties available – there is a sense of competitiveness to ensure the best result for our rental providers.”
Spectator photographer and single mum, Billy Easson, is one local currently feeling the competitive nature of the rental market, as she struggles to find an affordable property in town for her and her daughter.
“As a single mum looking for rent in Hamilton, it’s impossible to afford the prices that they have on one wage,” she said.
“There is nothing below the price of $300 (per week) for a below average house with two bedrooms, no yard, in an area where I would feel safe having my daughter.
“I can’t afford a house like that for $350, there’s half my wage gone.
“How is someone supposed to survive on that?
Ms Easson currently lives in a nearby town and travels 45 minutes to work each day, but said that was “not viable” in the long term.
“It’s dangerous driving on the roads, it’s kangaroo riddled, I can’t keep doing it,” she said.
“It makes sense to move into town, but currently I would prefer to live out of town and pay the little bit extra in fuel to get back and forth to work because it’s still cheaper than living in Hamilton.
“I’ve been a professional in this town for five plus years and now as a single mum, when I need housing and I’ve got good references and I have a full-time job, I can’t get a house here.”
Ms Ferrier said she has seen a high demand for affordable rental properties, however, there aren’t many available in the area.
“There is currently a big demand for rentals under $300 per week to meet demand, particularly for people relocating to Hamilton for work,” she said.
“It is very competitive at the lower end of the market, enquiry for higher end properties is currently very low.
“There are currently only 10 properties advertised for rent in Hamilton, only one is below $300 per week.
“For a single renter it would be very hard to find a property that meets affordability requirements.”
According to Anglicare Victoria’s 2021 Rental Affordability Snapshot (RAS) a decrease in available rental properties was a trend seen throughout the whole of regional Victoria, with the number of vacant rental properties less than half of that recorded in the 2020 snapshot.
The total number of rental property listings in regional Victoria on snapshot day in 2021 was 1422 properties, which was dramatically lower than the 3263 properties listed in 2020 and the 1724 properties listed in 2019.
Ms Kinna said the lack of available rental properties and the steep prices had resulted in more people choosing to live with family longer, rather than trying to get a house of their own.
“In the last month we think that the market is slowing down, we have found less people looking/enquiring,” she said.
“We have found that less young people are applying and are choosing to stay at home to save money.”
However, despite this, Ms Kinna said the market is not yet in crisis.
“We wouldn’t suggest there is a rental crisis at this general time, as there seems to be a constant flow of rental properties coming and going,” she said.
