Big demand for Orange rental properties is pushing prices up | Photos

IN DEMAND: McCormack Barber Real Estate property manager Erin Marr outside 86 Franklin Road which had five people keen to rent the house. Photo: DAVID FITZSIMONS

IN DEMAND: McCormack Barber Real Estate property manager Erin Marr outside 86 Franklin Road which had five people keen to rent the house. Photo: DAVID FITZSIMONS

A jump in demand for Orange rental properties since Christmas has seen rental prices rise and in some cases properties snapped up before previous tenants leave.

Rental property managers said that now when properties are being re-let the rents are rising by up to $20 a week.

McCormack Barber Real Estate property manager Erin Marr said there had been a noticeable spike in demand since Christmas – particularly for houses near the centre of town.

It's the quick and the dead at the moment, really - Erin Marr, McCormack Barber property manager

“I haven’t seen things this strong since we had the mining boom a few years ago,” she said.

Mrs Marr said an example of the demand was for a four-bedroom house in Franklin Road which had six people attend its first showing last week.

“It was a hot property,” she said.

One pre-approved renter snapped it up straight away for $430 a week while four others wanted to take it.

“It’s the quick and the dead at the moment, really,” she said.

“For a three bedroom reasonably tidy house in the CBD you are looking around $350.

“For four bedroom houses, in the North Orange area, they are close to $430-$450.”

Mrs Marr said rents had risen by about five per cent in the past year.

Townsend Real Estate property manager Janeen Toner-Wasil said demand had risen dramatically since Christmas with properties lasting only one to three weeks before being let.

Mrs Toner-Wasil said there was strong demand from people moving for work, particularly in health areas.

“Properties go up by $10-$20 a week when they come back to be rented again,” she said.

Mrs Toner-Wasil said demand was stronger for CBD area properties than for houses further out.

“Prices did drop by about $50 a week 18 months ago when there was a glut of properties but now they are coming back up.”

She said a rise in the number of Airbnb mainly short-term rental properties in Orange was not affecting regular  market demand.

Raine and Horne Orange director Gail Eddy said the rental market was traditionally strong in January and February.

“My history is January-February is one our busiest times,” she said.

“It has been fairly consistent, fairly steady.

“It’s still filtering through, there are always enquiries,” Mrs Eddy said.

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