REIQ: Adani will hit CQ real estate like a freight train
AN IMPROVING job market and business confidence is being reflected in the local rental market which has been steadily improving for the past five quarters and the trend is expected to continue.
Rockhampton Region's rental vacancy rate in June was 3 per cent and tightening, down from 8.6per cent at the same time last year.
In Livingstone Shire, rental vacancies have dropped from 6.6 to 2.4per cent.
REIQ Rockhampton zone chair, Noel Livingston said the market was getting tight for rentals, especially for better properties, and prices would start to increase as things tightened further.
"It's all about jobs," Mr Livingston said.
"The vacancy rate got so high with the loss of jobs from the mining downturn and the flow on effect to businesses, but with an increase in mining there's been more jobs come into the marketplace.
"The increase in mining has flowed on.
"Hastings Deering is a good example of that - last year they employed two apprentices and this year they put on 43."
This rise in mining and business confidence across the region has come without the influence of Adani's Carmichael mine, but Mr Livingston says when it does happen it will have an enormous effect on all business in Rocky.
"The public aren't buying into Adani, it's taken so long," he said.
"Not a lot of people are counting on it, but when it happens it will hit us like a freight train.
"Real estate in particular with a lot more interest from southern investors."
The real estate sales market has also been steadily improving with investment sales just beginning to pick up based on low rental vacancy rates.
"We're in the mid-year flat spot at the moment for sales," Mr Livingston said.
"But that will pick up before Christmas when people have a better idea of what they are doing next year."