Property

Oversupply of properties in Rockhampton has rents dropping

IF you're looking to rent, now is the time.

It's a renters market in Rockhampton with prices dropping on average $10-$15 a week; while towns out west are saving $100 or more.

REIQ Rockhampton zone chair Noel Livingston said it doesn't matter what type of accommodation it is, houses or units, tenants are aware that there's plenty to choose from.

Mr Livingston said the decline in rental prices was because of an over supply of investment properties built in the past 12 months.

"A lot of houses have been built in Gracemere and parts of North Rockhampton," Mr Livingston said.

"Everyone got caught up in the mining boom and thought we wouldn't have enough houses, turned out we had plenty."

Since March the price for a three bedroom house has dropped from $310 to $300; while a two bedroom house has seen a drop by $15.

Mr Livingston said the average rental vacancy rate in Rockhampton was normally around 1-2%.

"The only way back to those rental levels will be an increase of jobs in the area, from Gladstone to Mackay and west of those areas," Mr Livingston said.

He said the region needed commercial and industrial developments to attract more people to the region.

Mining towns have seen the biggest impact since June last year with Emerald's rental prices dropping $100 a week, Blackwater nearly $150 a week and Springsure saw a fall from $310 to $220.

Some tenants have reported landlords dropping rent without being asked.

At the moment, The Professionals real estate agency has 7-8% of properties available for rent.

But Mr Livingston said he's seen the rental market stabilising and "that's a good sign".

Topics:  mining, reiq, renting




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