Investors snap up homes to rent
WITH the home rental market in high demand, investors are snapping up homes in Rockhampton to join the rental pool.
And despite never having stepped foot in Rockhampton, New South Wales residents Christine and Joshua Lambert have just dipped their toes in that pool.
Speaking from her Goulburn home yesterday, Christine said they had done a lot of research before selecting an investment home in Rockhampton.
"We did a lot of homework," Christine said.
Viewing an opportunity for growth, population and a number of different industries in the region were just some of the reasons they chose to buy their third investment home here, their first outside their home state.
"There is so much going for Rockhampton, and we believe it will boom for us."
The home they purchased in North Rockhampton recently was only vacant for one day before tenants moved in, a common story according to staff at Prime Properties real estate, who dealt with both the sale and now the rental management for the Lamberts.
Bev Smith, owner and manager of rentals at Prime Properties in Rockhampton said their vacancy rate was 0.98 percent, and it had been like that for the past 11 months.
"The 'For Rent' signs aren't even worth putting up," Bev said.
And with over 900 rental properties on their books, Bev said warmer weather means the hardest house to find is one with a pool, but there are also particular areas fetching strong interest.
"Whenever we get a house in Gracemere it goes within a few days."
She had seen an increase in buyers purchasing rental homes because they were getting good returns.
While there is not much available for rent in the region for under $275 a week, some high-end rentals were asking over $1000.
"Prices are going up, there is no question about that."
Rebecca Trott, property management department manager of Pat O'Driscoll Real Estate in Rockhampton said their vacancy rate had eased this week to 1.65%, due to people listing some new properties.
Adrian Haks from Herron Todd White, independent property advisers, said the vacancy rates had been low in Rockhampton for a number of years.