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REIQ says Rocky rental market returns to tighter conditions

CHANGE OF PACE: Simon Annetts rents a house in Gracemere which he says is better value than renting in Rockhampton after REIQ’s latest Residential Rental Survey last week revealed the majority of Queensland’s rental markets have returned to tighter conditions.
CHANGE OF PACE: Simon Annetts rents a house in Gracemere which he says is better value than renting in Rockhampton after REIQ’s latest Residential Rental Survey last week revealed the majority of Queensland’s rental markets have returned to tighter conditions. Allan Reinikka Rokarental

FOR Simon Annetts, it was a no-brainer to switch from renting in Rockhampton to Gracemere.

After renting in the Rockhampton area for about six years the carpenter said he decided to make the move to Gracemere in December last year.

"It's a lot better out here, a nicer house, nicer area," Simon said yesterday."I love it out here."

And he's not the only one making the move further out after REIQ's latest Residential Rental Survey last week revealed the majority of Queensland's rental markets have returned to tighter conditions.

REIQ CEO Anton Kardash said the survey, carried out in March across all REIQ accredited agencies; found that the majority of the state recorded lower vacancy rates compared to three months ago.

However local agents in Central Queensland including Gladstone and Mackay said investors were still very thin on the ground and rental stock remained in over-supply, with tenant demand also down.

The survey found also that local agents were reporting tenants deciding to move further out where they can achieve a larger property for the same weekly rent.

Simon said the price of rent for a newly built home in Gracemere was considerably less if he were to live in a similar house closer to town.

"I pay $370 a week here but they're asking for $450 to $500 to week in Rockhampton for the same house," he said.

"I think the rent in Rockhampton is too high. I was renting one place where the rent started at $220 and went up to $280 over the time I was living there."

REIQ CEO Anton Kardash said: "Queensland is seeing a return to a tighter rental market."

"Stronger tenant demand and a decrease in the availability of stock are the common themes across the State."

In regional Queensland, the state's mining centres continue to record weak rental conditions, however all recorded a slight improvement in their respective vacancy rates.

RENTAL PRICES IN CQ

The average three bedroom home in these towns cost per week:

Rockhampton; $350 to $400

Gracemere; $300 to $350

Gladstone; $350 to $400

Emerald; $300 to $350

Mackay; $400 to $500

Topics:  gracemere, reiq, rental market, rockhampton



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