Rental squeeze in Southern Riverina

Figures released in April suggest house prices increased by 1.8 per cent nationally as a result of the demand, and by 6.8 per cent in the months since.

But Mr Crow expects the prices will now stabilise, with interest in the market now starting to slow.

‘‘Since Easter there’s been a bit of a trend, but that panic is not so much there now,’’ he said.

‘‘People were taking their time to look, and explore right along the river regions to find where they want to go to and then coming back and making decisions.

‘‘Houses haven’t gone up so much in value, but the demand’s picked up and strengthened again.’’

While many credit the COVID-19 pandemic with prompting people to move out of populated areas and in to the regions, Mr Crow believes the growing tourism and economic ventures in the region are the driving factor in the Southern Riverina.

‘‘We’ve got the river, the improvements they’ve done for tourism with the walking tracks, and the historical museum going in at the aerodrome.

‘‘It just seems to be the foreshore has created a lot of interest as well, plus a brewery coming in to town,’’ Mr Crow said.  

The vitality in the market is clearly a mark of success for the region, but Mr Crow said it comes with its challenges.

He said demand is beginning to outweigh supply, which could be leading to the slowdown starting to emerge.

‘‘Most of what would be sold in Toc, has already been sold,’’ he said.

And for those who rent in Tocumwal, there is very little housing left.

‘‘The biggest issue is a lot of investment properties that people had renters in have now been sold, and the purchasers are moving into them.

‘‘So we are losing all our rental properties.

‘‘It’s going to have an enormous impact.

‘‘People who work in town, or work around town, are desperately trying to find somewhere to go and it’s just not available.’’

Mr Crow said developers and investors will play a vital role in coming months to create housing opportunities.  

‘‘If would-be investors or speculators are out there, that’s probably what we need now.

‘‘We need groups of units, unit rentals, we need more of those  in the short term.’’

Southern Riverina Livestock and Property real estate agent Lee McLennan said the rental squeeze is not as severe in Finley, despite the town experiencing a similar level in market interest from buyers.

She also revealed she had had several prospective rental investors approach her in recent weeks.

‘‘We don’t do rentals, but I have a lot of people wanting to invest in properties to rent out later,’’ she said.

‘‘They come and go, it just depends on the market and where it is.

‘‘Right now, because the bank rates are so low, you’d be silly not to put your money in to a house.’’