News

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




Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

MACCAS MAYHEM: Rocky McDonalds can't serve burgers

The Big Mac.

You can have fries with that, but no burgers.

LET'S BUILD THIS THING: Fast tracked car park plan revealed

Rockhampton Hospital. Photo: Chris Ison / The Morning Bulletin

Parking issue could move towards resolution as soon as this year

WATCH: Work about to start on new $1.6M Rocky pound

A total of 67 animals were impounded at the Sunshine Coast Council's Tanawha pound from December until January 3.

Council awards tenders for $1.6 million facility

Latest deals and offers

Sale nears on last large block of land in Coolum

The 43.37ha property on South Coolum Rd has sold.

South Coolum Rd property to be land banked

Caloundra’s former Centrepoint Buffet site up for sale

FOR SALE: The home of the old Centrepoint Buffet

Restaurant fined for unhygienic practices closed months ago