“I have seen huge demand, but there is nothing available.”
Those were the words of Coast to Country real estate agent, Teresa Young, who described the housing and rental market in the Orbost area as toughest to break into during her time in real estate.
The demand for rentals has seen towns such as Orbost with little to nothing available for tenants.
“I have noticed a few sites with transportables being installed, maybe these are for the rental market,” she said
Not only are rentals in short supply, land and property purchases have skyrocketed following the COVID-19 pandemic.
The median house price has also jumped significantly. Between June 2018 and May 2019 the median house price in Orbost sat at $172,500, whereas now it is around $290,000, a difference of $117,500.
The pandemic has attributed to a mass exodus from cities with people looking at purchasing in regional areas, East Gippsland particularly prominent among buyers.
IMAGE: The demand for rentals has seen towns such as Orbost with little to nothing available for tenants. K217 – 6392
