Rocky a renters' market as landlords yield strong returns

LANDLORDS may be getting the largest returns in the state, but Rockhampton remains a renters' market.

The REIQ Queensland Market Monitor reported gross rental yields for the June quarter remained steady at 5.6% for a three-bedroom home, which recorded a median weekly rent of $280 per week.

Principal Kas Woch said returns on rental properties in Rockhampton were in some cases more than double that of city centres; 7% on a $200-$210 a week property, opposed to 3% in the city.

But Mr Woch said with vacancy rates of 6.5% (according to the report), it was "not a pretty picture” for those with existing investment properties.

He said the "break even point” for over and under supply of vacancy was about 3.5%.

Pat O'Driscolls Real Estate residential team leader Leanne Cowdray said their office also had a rental vacancy rate of 5%, which offered a competitive market in Rockhampton for tenants and opened up opportunities to negotiate prices.

"It is good for renters, they have got the choice there,” she said.

"Owners need to be aware it may be worth reducing those few extra dollars to get in there; people have so many options at the moment.”

Topics:  housing affordability, kas woch, o'driscoll's real estate, reiq, rental, rockhampton

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