I know this because I met a lovely young family while caravanning at a northside caravan park situated beside Lake Munmorah at Christmas.
They had set up a tent and an awning and were making the best of it while they desperately searched for a home. With two young children to support they were shocked by the rentals being sought for very ordinary properties.
They reported that rentals started around $400 and good quality homes could fetch $600 plus per week.
Luckily, they finally found a home at the rear of a shop in Toukley after months of enduring life in a tent. It is owned by a kindly business person who learned of their plight
But like many young Central Coast families, they have given up ever owning a home of their own.
Banks like the CBA are insisting on big deposits from homebuyers which are very difficult for one or two-income families to achieve.
The rental market is also a minefield, with rents increasing every 12 months. In fact, Killcare had the largest rate increase in Australia last year with rental costs skyrocketing by 72.6%.
Killcare Ray White agent Sue Rallis told media outlets that some local properties had risen rfrom$799 t $1500 per week due to Sydneysiders making the most of a solid-induced home lifestyle and moving to regional areas.
Koolewong and surrounds rentals increased 32% to around $700, Woy Woy was $500 for an 11.6% increase and Chittaway Point was up 25% to $620.
Beachside is understandably more expensive with North Avoca sitting at $780, also up 25% and the best deal is Budgewoi $420 a week. Glamor beach suburb Terrigal is steady at just under $700 average rental.
The figures were similar further north with booming Warnervale up $39% to $550 while Toukley was 10% up an average of $430.
Fairer rules
Meanwhile, The Entrance MP David Mehan has called for fairer rental rules for renters on the Coast by providing more certainty as well as reducing the upfront moving costs for renters.
He said a NSW Labor Government would allow renters to directly transfer bonds from one property to another.
These changes would also provide greater clarity on the circumstances in which a lease could end.
“We would streamline the rental bond process to allow renters to directly transfer bonds from one property to another, while ensuring owners still have access to funds they may need.”
“Currently, many renters must find thousands of dollars for a bond for a new property before their existing bond has been refunded.
“This leaves renters out of pocket up to several thousand dollars, for up to several weeks. It places many renters in financial stress and forces some to take out personal loans.
“The NSW Tenants Union estimates the basic costs of moving home is around $4000, without taking into account renters being out of pocket for weeks while they wait for their bond to be refunded,” he said.
“Yet recent data shows that one in three people would need to go into debt to cover an unexpected $600 payment, and one in 10 simply wouldn't be able to cover it.
“The NSW Rental Bond Board will still hold bonds on trust. But it will allow those bonds to be held on trust for the new property, while also ensuring the board can collect against it on behalf of owners for outstanding debt accrued by renters for property damage.”
“As a result, no owners will be left out of pocket from these changes.”
The government has previously tried and failed to implement similar provisions. Despite legislation introduced in 2018, many renters still don’t have access to portable bonds, at a time of record rent increases and severe cost-of-living pressures.
Mr Mehan said Labor would clearly outline the grounds on which a lease may be terminated and in effect bring an end to no-ground evictions.
“We will work closely with stakeholder and advocacy groups to develop a list of reasonable grounds for an owner to end a tenancy, including minimum notice to vacate a property.
“Owners will of course retain common sense rights to evict those who are breaking the law, damaging property or not paying rent.
“Reasonable grounds for eviction are already in place in Victoria, Queensland, Tasmania and the ACT – and these changes would modernise NSW rental laws.”
Renting on the Coast
Mr Mehan said rent in the state had increased almost 10% and there were more than 8000 renters in The Entrance electorate who pay are paying a median rent of $546.
More than 39% of tenanted households in NSW were in rental stress. They had rent payments greater than 30% of household income.
Mr Mehan said this was a sensible cost of living measure to help ease the pressure on the more than 30% of people in NSW currently renting.
“Anyone who rents knows just how anxious and challenging a process it can be to find a place to rent, never mind the significant costs associated with moving,” Mr Mehan said.
“In fact, moving house is one of life’s most stressful events.”
“Labor’s changes will give renters and owners more certainty, allowing renters to build a home while also protecting owners.
“Introducing reasons for eviction will update and modernise NSW rental laws and bring us in line with most other states,” Mr Mehan said.
Manager, Central Coast Tenants Advice and Advocacy Service Sidone Shaw said the portable bonds were a good move.
“Central Coast Tenants Advice and Advocacy Services believes the removal of no grounds notices of termination will rebalance the relationship between landlords and tenants.
“It is long overdue. It will remove the uncertainty faced by tenants when they receive a termination notice and do not know why.
“The current bond system pushes people into dodgy loan practices. The portable bond proposal will not disrupt protection afforded to landlords and tenants from the rental bond board.”
