More room for tenants as vacany rates almost double digits
AFTER a stellar period of a packed rental market, Gracemere vacancy rates are rising to almost double figures.
Just as the Gladstone market and mining industry have softened, so has the rental market in Gracemere, according to Herron Todd White's November review.
The review found the influx of investors to the Gracemere rental market caused the high vacancy rates.
Investors have now pulled back, although there are still house-and-land packages available.
The review found the estates had inflated land prices and been marketed to investors at higher prices than what locals were prepared to pay.
Rockhampton's rental market is also softening because of the mining downturn, but not to the same degree.
Pat O'Driscoll Real Estate business development manager Elizabeth Hood said the region was experiencing a more tenant-driven rental market.
"Our current rental vacancy rate is sitting around 3 to 4%... we have about 820 residential rental properties," she said. "A three-bedroom house in Rockhampton is about $350 to $370pw with the most popular areas being Norman Gardens and Frenchville."
Average weekly cost of three-bedroom houses:
Rockhampton $350 to $370
Gracemere on average costs $400 to $450
Yeppoon on average costs $350 to $400
Gladstone $400 to $600
Moranbah $400 to $450