By Director Chris Ryan, and Sales Agent Nick Ashe.
Are you searching for a promising real estate investment opportunity? As Cootamundra’s rental market continues to flourish, investors are drawn to the area’s remarkable potential for growth and profitability. With employment opportunities, a growing community, and easy access to essential amenities, Cootamundra offers a compelling proposition for those seeking reliable returns on investment.
Rising Rental Market in Cootamundra
According to the Domain Rent Report of June quarter 2023, the Cootamundra-Gundagai council region has recorded a significant increase in median rents, jumping an impressive 22.6 per cent to $380. While flash flooding earlier in the year has contributed to a shortage of rentals, the driving force behind the rising rents is the high demand and limited housing supply.
Flemings Cootamundra director, Chris Ryan, emphasises that it’s not just the recent flooding but also the scarcity of available housing and land for new developments that are fuelling the rental surge. The town’s growing employment opportunities are also attracting more tenants to the area, making it a hotbed for property investment.
Currently, rental yields are strong, standing at 5.49%. In some cases, some landlords have achieved even higher returns, nearing 7%, by implementing strategic improvements to their properties.
Why Invest with Confidence?
Investing in Cootamundra and its surrounding towns, offers several compelling reasons for confidence:
1. Rising Demand: The rising rental demand in Cootamundra indicates a steady influx of people seeking the rural lifestyle and employment opportunities.
2. Employment Opportunities: Cootamundra’s growing local economy has created new employment opportunities. The recent reopening of the abattoir has contributed to the creation of over 500 jobs, while the Inland Rail project has also provided employment for more than 300 individuals. As the town continues to grow, these developments attract individuals and families seeking stable job prospects, which, in turn, can drive housing demand.
3. Affordable Real Estate: Compared to major cities and urban centres, Cootamundra offers more affordable real estate options.
4. Proximity to Essential Amenities: While embracing a rural lifestyle, Cootamundra still provides easy access to essential amenities such as schools, medical facilities, supermarkets, and recreational activities.
The trend of surging rental prices is not limited to Cootamundra alone. The neighbouring Hilltops Region and Central West is also experiencing positive growth in the real estate sector. Unlike some coastal regions that have witnessed a decline in rents, regional NSW offers a wealth of investment opportunities off the back of a consistent and rising market.
- Harden NSW, medium rental prices $320 per week – 6.7% growth in the past 12 months
- Boorowa NSW, medium rental prices $400 per week – 14.3% growth in the past 12 months
- Young NSW, medium rental prices $370 per week – 12.1% growth in the past 12 months
- Cowra NSW, medium rental prices $330 per week – 3.1% growth in the past 12 months
Contact your local Flemings office for more information.
Source:
RealEstate.com.au. (n.d.). Harden, NSW 2587. Retrieved from https://www.realestate.com.au/nsw/harden-2587/
RealEstate.com.au. (n.d.). Boorowa, NSW 2586. Retrieved from https://www.realestate.com.au/nsw/boorowa-2586/
RealEstate.com.au. (n.d.). Young, NSW 2594. Retrieved from https://www.realestate.com.au/nsw/young-2594/
RealEstate.com.au. (n.d.). Cowra, NSW 2794. Retrieved from https://www.realestate.com.au/nsw/cowra-2794/
RealEstate.com.au. (n.d.). Cootamundra, NSW 2590. Retrieved from https://www.realestate.com.au/nsw/cootamundra-2590/
Domain.com.au. (n.d.). The once-booming NSW sea-change towns now at a discount. Retrieved from https://www.domain.com.au/news/the-once-booming-nsw-sea-change-towns-now-at-a-discount-2-1223915/