PEOPLE are snapping up rental properties in Warrnambool within a day of listing, property managers say.
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The city is experiencing a tight rental market, with high demand for three- and four-bedroom homes.
However, agents say prices have increased minimally.
McNally Property Management director and owner Tim McNally said rental properties were filling quickly.
“We would love more properties,” he said.
“It’s not uncommon for us to list a property on our website and we can get a phone call within an hour. Sometimes we have properties let before they are vacated.”
Mr McNally said three per cent of an average rental market was vacant; in Warrnambool, one per cent of rentals are available.
Red Circle Real Estate owner and senior property manager Elisa Smith said more houses were needed.
“We have families coming from everywhere at the moment,” she said.
“We had a family from the UK and another from Airlie Beach.”
Figures from the Real Estate Institute of Victoria (REIV) reveal Warrnambool’s weekly median rent for a two-bedroom house is $288, which is up 2.7 per cent from the previous year.
The median price of a three-bedroom house is $340, while a four-bedroom house is $400. The median cost of a two-bedroom unit is $200.
There are 144 properties advertised for rent in Warrnambool on domain.com.au – a Fairfax Media real estate website.