Some exciting news for Broken Hill, sounds like they are gonna...

Some exciting news for Broken Hill, sounds like they are gonna need quite a bit more housing there, and I think we all know Cobalt Blue's Broken Hill Cobalt Project is one of those projects predicted to drive population growth. Already Cobalt Blue have advertised for a couple of jobs recently on their FB page, there's gonna be a lot more jobs coming within the next few years.

https://amp.abc.net.au/article/101229960

"Broken Hill rental properties in demand as mining projects predicted to drive population growth"

"Despite excitement for the city's future, there are concerns about the availability of housing for workers who will be looking for somewhere to live.

An analysis of the state's rental market by the Everybody's Home campaign found the Broken Hill-Dubbo area had the lowest percentage of properties up for grabs in the regions.

Meanwhile, rents have jumped up 14.5 per cent in a year.

Campaign spokesperson Kate Colvin said high prices could cause challenges for the economy and for people's wellbeing.

"There's only so far down the rental market you can go and everyone's competing for the cheaper properties," she said.

"The households that would ordinarily rent the cheaper properties, perhaps on a lower income, then get squeezed out because there's always someone on a higher income who is looking at the same property.

"People won't move to the area to take up local jobs if they can't find housing nearby and that can mean critical industries don't have the labour they need."

Market drastically different in a year

Nadina Benvenesti made the decision to move from Sydney to Broken Hill in May to live with her partner.

They decided to purchase a home in mid-2021 after having little luck with rentals.

"He looked at quite a lot of properties and a lot of them were tired and run-down and then he found a gem," she said.

"The property at the time was up for $250,000 and he walked in and said 'we'll grab this' straight away."

Ms Benvenesti said they secured the home for less than the asking price because it had been on the market for up to 12 months, but then it quickly became hot property.

"A couple of weeks after we moved in, we were offered by a friend of a friend who also viewed the property ... $100,000 over what we paid because they were struggling to find anything equivalent," she said.

Demand bumping up prices

Broken Hill resident Colby Stenhouse owns five local rentals and said he had noticed a dramatic increase in interest for houses.

"The last property I put up, I had 80 people apply for it and five people said they were getting kicked out [of their rentals] within the week," he said.

However, Mr Stenhouse did not believe rising expenses for landlords were contributing to hikes in rents.

"A lot of people use interest rates as an excuse but when we're talking a median house price of $150,000, those interest rates don't really touch you," he said.

"Unfortunately it's supply and demand.

"You can charge an arm and a leg and you will find someone that's desperate enough to take that property and I think people are taking advantage of that at the moment."

Bid to free up abandoned real estate

A survey commissioned by the Broken Hill City Council found there were about 1,500 vacant houses or blocks across the city.

Deputy Mayor and former real estate agent Jim Hickey said the council was considering ways to create more options for current and prospective residents.

"The council has done a survey to get them to name these blocks and houses ... asking owners if they want to sell, then others can get in and do them up," he said.

"All of the owners will now get a letter letting them know now's a good time to sell.

"Council's also looking for some big blocks to put in some affordable housing — within that could be some money for social housing as well."