According to CoreLogic data, 71 homes were listed for sale last month in Bright, more than double the number recorded in November 2019, while the rental market remains extremely tight with only two properties available for rent.
Cameron Alexander, director of Alexander’s First National real estate, said there are multiple factors driving the increase in listings.
“At the moment, in the Bright area – and we’re talking Bright, Porepunkah and Harrietville – we’re probably seeing around the 200-mark up for sale,” Mr Alexander told the Guardian.
CoreLogic data reveals house prices in Bright have declined by 4.5 per cent over the past year, dropping to $892,559, despite the town experiencing a 257 per cent price increase over the previous decade.
The rental crisis in Bright has become so severe that the local council has launched a campaign encouraging homeowners to take in lodgers, as the vacancy rate sits at just 1.3 per cent.
Eliza Owen, CoreLogic’s head of research, describes Bright as “an extreme version” of Victoria’s current market conditions.
“Fundamentally, there are a lot of people that need somewhere to live,” Ms Owen said.
“But financially, there’s not a lot of people who are able to participate in the purchasing market right now.”
Michael Harris, who operates five caravan parks in the area, has observed the impact on local businesses.
“If you advertise a job in Bright without accommodation, you might get a handful of applicants,” Mr Harris told the Guardian.
“If you advertise a job in Bright with accommodation, you’ll get 30-plus applicants.”
The situation has been exacerbated by the number of short-term rentals, with approximately 100 properties available for holiday stays on any given night.
“We now are seeing a bit of an imbalance where the investors aren’t seeing permanent rentals as a good option,” Kellie Gray, owner of Dickens Real Estate told the Guardian.
“What this shows is the housing crisis in regional areas extends beyond just affordability,” Ms Owen said.
