Rents to rise $20 per week
FOR new residents Brian and Julie Cox, Rockhampton’s rental market represents good value for money despite a predicted $20 per week jump for the average home this year.
The couple are receiving $550-$600 a week for a number of Gold Coast rental homes they own which makes their weekly rent here of $450 – for a new four-bedroom house – quite attractive.
Australian Property Monitors economist Matthew Bell tipped Rockhampton to experience stronger than average rental growth for a regional area for 2010.
Mr Bell said the exposure of the local economy to the mining and resource sector, set to have a strong recovery this year, should encourage strong employment and more rental demand for the region.
“I expect house rental growth to mean median rents will rise from $310 to $330 (+6.4%), and for units, a rise from $255 to $275 (+8%),” Mr Bell said.
Brian and Julie and their two teenagers Mitchell and Kristy-Lee have been renting through THINK Real Estate in Rockhampton for the past five months after moving up from the Gold Coast.
“We’re not sure if we want to buy at this stage because it’s more economical for us to rent a home in Rockhampton at the moment,” Julie said.
Julie said buying a home in Rockhampton in the future wasn’t out of the picture.
But Rockhampton residents can breathe a sigh of relief – Brisbane rental prices are tipped to soar at least 8% this year (around $40).
Herron Todd White senior residential valuer Adrian Haks said with vacancy rates fairly low (around the 3% mark), it was difficult for new renters, but a haven for investors.
Mr Haks said over the past year, median rental prices had risen by about $10, but it was dependent on the type of home and location.
“We have seen increases in rent, but nothing substantial, and expect this trend to continue,” he said.
Meanwhile, Melanie Stewart, a senior property manager at Pat O’Driscoll Real Estate, said the market was looking stable, which was reassuring for renters.
Ms Stewart said they currently had 720 rental properties on the books with a vacancy rate of about 4%.