Ex-holiday homes hit rental market as tourism takes a hit
WITH holiday bookings cancelled as borders close due to the coronavirus pandemic, Fraser Coast properties being offered for short stays through sites such as Air BNB are now being offered for longer term rentals.
That is the opinion of Tara Bradbury, real estate agent with Active Agents Hervey Bay.
Ms Bradbury said last Monday there were 82 rental properties listed as being available in the region.
As of Friday, 154 rental properties were listed.
Ms Bradbury said as people were urged to limit their travel, the reduction in tourists was already being felt.
With a tight rental market on the Fraser Coast and many waiting for accommodation, that could bring relief for some who were wanting to get into the rental market.
A higher supply of rentals could also mean lower rental prices, Ms Bradbury said. "We've not seen it yet, but if you add more properties on the rental market, it will have an impact on rental prices."
While there may be more rentals for those who need them, Ms Bradbury said she didn't anticipate many people leaving their current homes in the near future.
She said while people often moved from different rentals in favour of a bigger home, or more modern property, not many people were choosing to move.
"They're not going anywhere," Ms Bradbury said.
"No one is choosing to move, it's really only the ones who have to move."
Raine and Horne Hervey Bay general manager Emmy Turner said fresh options in the rental market, which had experienced extremely tight vacancy rates for some time, was good for both agencies and tenants.
She said the high demand for properties meant there was a pool of good tenants applying for properties and permanent rentals had proven in the past to be a good option for holiday letters seeking stability during periods of economic hardship.
She also said balance was key and it would be even more important for the State Government to carefully consider any future legislation which took away landlord rights.
"As superannuation uncertainty grows it's likely property investment will appeal to more people," she said.
"The Fraser Coast market was already a buyer's market so it's important not to create barriers for investors here and interstate."