A recent ban on real estate agents initiating rent bidding is a step forward in the right direction to address the housing crisis, says Regional Development Australia Mid North Coast (RDAMNC) board chair Kieren Dell.
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"There are clearly issues with housing affordability and the rental market."
The NSW Government ban came into effect on December 17, 2022 but won't put an end to unsolicited offers from prospective tenants.
This means people can still offer a higher price to secure the lease, as long as the real estate agent does not invite, ask or suggest them to increase their offer of rent in order to secure it.
Mr Dell said rent bidding is a practice that has been driven by a large cohort of people who want to move to the Mid North Coast from the cities.
"They can work from home...and those people have higher financial capacity then some of the locals and key workers," he said.
NSW Premier Dominic Perrottet said banning rent bidding would help prospective tenants secure housing in a tight rental property market in a fair way.
"It's time to put an end to this practice and give more people security and certainty so they can plan for their future," Mr Perrottet.
"The search for a rental property is tough enough without it turning into a bidding war that pushes people beyond their comfort level."
Mr Dell said the housing crisis is multifaceted and a "wicked problem". He said while the rent bidding ban will help the issue, there needs to be more done.
The Mid North Coast film called Our Spaces explores what individual solutions residents can offer to address the housing crisis.
The RDAMNC has heard from people who have obtained jobs but have had difficulty securing accommodation.
"Clearly supply is still not meeting demand," Mr Dell said.
Elders Port Macquarie Property Management team leader Natalie Fel said they've found more recently that investors have been unable to afford to buy property, given the strong prices on the Mid North Coast.
This issue has resulted in a shortage of rental properties.
"There's not as many investors who are able to buy into our market and a lot of investors are moving into their rental properties," she said.
