There was a shortage of houses and units for rent in Bathurst relative to demand just over 12 months ago, according to Australian Property Investor magazine.

But the magazine’s October issue has revealed the boom is over, saying the city now has an over-supply of rental properties available.

A Bathurst property investor, who did not want to be named, said she has dropped the rent on her empty investment unit by $40 a week and yet it is still vacant after five weeks on the market.

The woman said the two-bedroom CBD unit has been completely renovated.

“Rent was $290 a week, but it’s now $250 a week and it’s still vacant,” she said.

“It’s really concerning; we’re still having to pay a mortgage on the property.”

Bathurst Real Estate principal Stacey Whittaker said while there may be 47 properties available on their books, they are still leasing around 30 a month.

“The tenants aren’t staying as long as they would have, now there’s more choice,” she said.

“We’ve had someone move after 11 years at the same property for a newer property at the same price.”

Raine and Horne senior property manager Raeleen Gough said Bathurst is an appealing place for investors because of its affordability.

“We have an abundance of properties available to rent and prices have dropped to meet the market,” she said.

There have been cases where investors have had to drop $15 to $20 to secure a tenant.

Ms Gough said while they have 30 properties available for rent, many are still being taken up – 35 properties were leased during August.

The Professionals property manager Jaise Delaney said job losses are the main cause for the increase in available rental properties.

“Compared to 12 months ago, demand for properties is not as high,” he said.

“The market has come back at lease five per cent in the last 12 to 18 months.

“Bathurst is growing quite well; a lot of people are investing. I suppose Bathurst was the investment place two years ago.”

All real estate agencies said they didn’t think Charles Sturt University’s newly created off-site accommodation has had a significant impact on the rental market.