Double or nothing in Moranbah
MORANBAH'S rental market has officially gone crazy with rents doubling over the past six to 12 months, leaving some tenants paying more than $3000 a week.
Real estate agents say many tenants renewing leases have discovered their rent has doubled, with most rental properties now ranging from $1400 to $3300 a week.
Yesterday, there were a few Moranbah homes advertised around the $1800 a week mark - all were basic three-bedroom, one-bathroom homes.
Meanwhile, a rental fetching the same price on the Gold Coast was listed as a "Majestic Main River Mansion". It was a fully-furnished five-bedroom, five-bathroom two-storey home with marble floors, high ceilings and "an amazing main river view".
The hike in rents at Moranbah has sent many packing to Mackay, which has put increased pressure on the rental market here, according to one agent.
LJ Hooker Moranbah sales partner Craig Aitcheson said many Moranbah homes previously fetching $750 a week in rent had just gone up to $1400 or $1500 a week.
"It's (rent's) pretty much doubled over the past six to 12 months," he said.
"It has gone up to be in line with what the market is. It has gone crazy, literally crazy. I've lived here my whole life and I've never seen it this bad."
Harcourts Mackay principal Mandy Hall said she recently had to tell a company the Moranbah house it was renting was going up from $900 to $2000 a week.
While the company was willing to pay the increased rent, many other tenants weren't, she said.
"Quite a few people are moving from Moranbah to Mackay," Ms Hall said.
"I think that's driving some of the market in town (Mackay), without a doubt."
It's not just rents that are out of control in Moranbah. The buyers' market is also going nuts, according to Moranbah Real Estate sales consultant Marie Plahm.
"It's just crazy. We've sold 70 properties since July," Ms Plahm said.
"The last 12 months property prices have risen $80,000."
Ms Plahm said 99% of buyers on the agency's books were investors looking for high returns.