Coast biggest rental drop in Qld
WITH 500 rental properties on their roll, Yeppoon Real Estate's Claudia Coren is pretty happy to say that out of that number, only 43 are vacant.
This comes after Livingstone recorded the greatest rental vacancy rate fall in Queensland according to REIQ's latest quarterly report released yesterday.
Vacancy rates fell from 12.3% to 8.3%, a fall of four percentage points.
Yeppoon Real Estate general manager Claudia Coren said the figures were exactly the same as what they'd submitted to REIQ a month ago.
"It was the exact reflection of our rental roll,” she told The Morning Bulletin yesterday.
"The amount of vacant rentals in Yeppoon is normally well over 150 properties and that has just dropped under that mark which is fantastic. It means the market is tightening.”
And the forecast for rentals looked promising.
"I think the demand is definitely improving, there's no doubt about it,” she said.
"Enquiries in general have really lifted probably since late August early September.”
With the largest rental roll in Yeppoon, the agency offers a good indication of the local market.
"So at the moment there are 150 rental homes available across the whole of Yeppoon,” Ms Coren said.
"We have 43 vacant properties at the moment and have 500 rental properties that we manage.
"We're sitting at 8% now, and we think it will continue like this for the rest of the year.”
Ms Coren said it would be about two years since they'd seen rental vacancies this low.
The estate agency also experienced their best month of sales in September.
They sold 34 properties, which is three times more than usual.
"It's a combination of factors, during the election the market went quiet for a few weeks, then interest rates were lowered, so it was the perfect buying conditions.
"And it's that time of the year when people want to get into homes before Christmas,” Ms Coren said.
"We've seen a lot of out of town buyers all of a sudden as well.
"Up to 90% of buyers are usually local residents.”
Ms Coren said it was the mining economy that mainly steered the local real estate market.
REIQ CEO Antonia Mercorella said regional Queensland yielded positive news, with consistent falls in vacancy rates for Bundaberg, Gladstone, Mackay and Rockhampton.
The lowest rate in a regional centre is Toowoomba at 2.3%.