New research has confirmed average weekly rentals have risen across the Western Plains, and the prospect for new renters is bleak. 

The data, compiled by MCG Quantity Surveyors, looks at average rental prices over the past 12 months and current vacancy levels. 

It shows that Walgett’s mean weekly rent has jumped from $250 to $290 a week over the last 12 months and the Coonabarabran average has risen from $300 to $350 a week - both rises of 16 per cent in a year. 

In Bourke mean weekly rent rose from $290 to $330 (almost 14 per cent) and in Narromine it lifted from $400 to $410 (2.5 per cent). 

Rent prices were stable in Coonamble ($200) and Cobar ($300). 

The Managing Director of MCG Quantity Surveyors Mike Mortlock spoke to the Western Plains App about the situation in our region. 

"The figures tell us that nowhere in Australia is currently insulated from this national rental availability crisis. We are seeing less natural turnover as tenants cling to their properties and often real estate agencies not even publicly listing rental availabilities given they likely already have a large database of tenants on the hunt for suitable accommodation,” he said. 

Mike Mortlock. Image: propertyupdate.com.au

The data also showed that astonishingly Walgett, Coonamble, Gilgandra, Nyngan and Bourke have no vacancies. 

“It’s a problem that has been years in the making, exacerbated by policies that have discouraged investors from remaining in the market," said Mr Mortlock. 

"Whilst supply in the form of new construction is welcome, it’s a fix that has a long lead time. 

“With private investors providing the vast majority of rental accommodation, the only short term solution is greater investor participation." 

Mr Mortlock said this is an opportune moment for investors to contribute positively to the market, “not only for financial gains but also to improve rental availability in under-served areas”. 

In his view, the improvement in rental yields and the potential for stable or declining interest rates in 2024 make these markets “particularly attractive for investment”. 

Mr Mortlock said there needs to be a “balanced approach to the housing market, considering both the immediate needs of renters and the long-term potential for investors”.