Rise in local rental properties

One third of Cowra properties are rented. Photo by Andrew Cameron.
One third of Cowra properties are rented. Photo by Andrew Cameron.

Nearly one third of properties in Cowra are rented according to recent figures released by the Australian Bureau of Statistics.

Recent trends show an increase in the number of people buying as investments according to one Cowra real estate agent.

In the 2016 Census there were 1120 places in the Cowra Local Government area recorded as rented while 2600 Cowra homes are owned outright or mortgaged.

Principal of Raine and Horne Cowra, David Fagan said the number of Cowra properties being bought for investment was increasing as they were affordable with good rental return.

“The median rent in Cowra is $190 going up to $350 per week which is about half the national average according to the ABS,” Mr Fagan said.

“The majority of the 3,457 Cowra homes are free standing and separate houses which is well above the average in other areas of Australia while there are 150 semi-detached units and 226 flats or apartments in the Cowra Shire, according to the ABS.”

Mr Fagan said there was an increasing interest for Cowra Shire property, including local villages, from Sydney residents with demand varying from older style federation homes to bush blocks and farm land.

“Interest in housing in the villages of Wattamandara, Koorawatha and Woodstock was also driving the market as people were seeking a getaway for weekends and holidays,” he said.

“The property boom had not yet hit the Cowra market but there was a healthy, steady stream of interest and turnover to create an impact,” Mr Fagan said.