Property

Rental prices plummet in mining and industry towns

THE rental prices of mining and resources-rich parts of Central Queensland are deflating, inviting back those forced out of town by the high costs.

The most dramatic rental shifts shown by figures from Australian Property Monitors were in Gladstone, Mackay and in the coalfields region of Isaac where the average weekly rent for a house fell by more than $100 in 12 months.

Renting a home in the coalfields near Moranbah cost an average of $600 a week at the end of 2012, it is now closer to $400 a week.

However, the situation has remained solid in Rockhampton with relatively little relief for renters. The Rockhampton average home rental price dropped 7.9% to $350 from $380.

In Gladstone, median rents fell 23% from $572 to $440, a figure high enough to match median rents demanded on the Gold and Sunshine coasts, but a long way from the previous highs facing renters.

In Mackay, rents in the past year fell 19.2% from $520 a week to $420 a week.

As of December, the cost of renting a house in Gladstone, Isaac and Mackay was more expensive than Melbourne's average rent of $375 a week, or Brisbane's average rent of $400 a week.

APM senior economist Dr Andrew Wilson said the fall of rentals in Queensland boom towns was "the hangover after the party" as the resources industry began to cool.

"The prices did get a little over-inflated in the mining areas," he said.

"It was inflated by over-investment by non-local investors.

"We see quite a steep decline in rents over 18 months as (rents) have adjusted backwards."

Dr Wilson said as rents went up, people relocated further away from work because it was cheaper to travel the extra distance.

With rents now falling, some will return so they spend less time commuting."

RENTAL STATISTICS

Australian Property Monitors' Rental Price Series Quarterly Report.

Rockhampton (houses)

Number of rentals - 1400

Median weekly asking rent - $350

Last quarter median price - $360

Mackay (houses)

Number of rentals - 1178

Median weekly asking rent - $420

Last quarter median price - $440

Gladstone (houses)

Number of rentals - 1008

Median weekly asking rent - $440

Last quarter median price - $480

Topics:  mining real estate



Rocky's trendy new CBD restaurant beating downturn

Dingles Cafe Bar head barista, Jimmy 'Dingle' Chang

It was the soft opening with a hard landing

PHOTOS: Inside an untouched $780k Coastal masterpiece

26 Lexington Dr, Lammermoor.

Sweeping majestic harbour and island views on offer

Mayor's four properties in Rocky's flood-prone suburb revealed

Rockhampton mayor Margaret Strelow owns two commercial businesses on Bolsover St, as well as another commercial premises on Depot Hill and three residential premises in Depot Hill, which fall within the boundary of the proposed South Rockhampton Flood Levee.

Mayor's declared properties within the South Rocky Levee alignment.

Local Partners

Silence of the Lambs director Jonathan Demme dies

TRIBUTES have poured in for Jonathan Demme, the Oscar-winning director of Silence of the Lambs and Philadelphia, who has died aged 73.

Sophie Monk casting a wide net as Bachelorette

Sophie Monk is Australia's new Bachelorette.

Producers ‘inundated’ with calls as they widen age range of suitors.

Viewers officially bored of Aussie biopics

House of Bond’s Ben Mingay as Alan Bond with Rachael Taylor as Diana Bliss.

Latest biopic House of Bond a ‘flop’ as reality TV dominates screens

Bill Cosby: Embattled comic breaks silence on future

Cosby said he wanted to get back on stage doing comedy.

Shania Twain to drop first album in 15 years

Shania Twain

Shania Twain is about to drop her first album since 2002.

What's on the big screen this week

Dave Bautista and Pom Klementieff in a scene from Guardians Of The Galaxy Vol 2.

GUARDIANS of the Galaxy is back with even more laughs.

Grinspoon is happy to help with flood appeal

BACK ON THE ROAD: Grinspoon remain happy to assist with Lismore's flood recovery.

"Lismore is the birthplace of Grinspoon... we owe that community"

PHOTOS: Inside an untouched $780k Coastal masterpiece

26 Lexington Dr, Lammermoor.

Sweeping majestic harbour and island views on offer

Suburbs hurting Rocky's property values revealed

Property, real estate, housing, suburb,  August 2016

"LIMITED or no sales" in Rocky suburbs doing it tough hit prices.

Couple gets rich renovating run-down city homes

RENO RADICALS: Baden and Nelson Marino-Hall have turned three Toowoomba homes around for profit, saying the Garden City was a haven for renovators like themselves.

The couple has already turned around three homes

Townhouse pitch raises questions over 'high density'

BIG PLANS: Residents have a chance to offer their opinion on plans to build 42 townhouses at Raceview.

Developer plans 42 townhouses for Ipswich suburb

7 million dollar city homes for sale right now

3 Keira Court, Blue Mountain Heights.

Here are seven of Toowoomba's best, and most expensive, houses

Ready to SELL your property?

Post Your Ad Here!