Rocky agent adjusts to drop in rental prices
WITH less renters coming through the doors, real estate agent Jade Carr had to adapt.
Mr Carr, principal at Ray White Rockhampton City, said a few months ago the vacancy rate for the whole rental market was high. His agency was sitting just under 6%.
He said essential changes were put in place to attract more people to rentals with great success, with the company's vacancy rate now sitting at 2.5%.
The business re-evaluated its prices and had an agent work full-time promoting rentals.
New figures released this week show rental prices are continuing to drop across Central Queensland.
The Residential Tenancies Authority's statistics for the September quarter show the Capricorn Coast is still the most expensive rental place in the region.
A three-bedroom rental house in Yeppoon or Zilzie will set you back on average $300-$330 a week.
Rockhampton isn't far behind with $295 the average price. Two years ago a three-bedroom house in Rocky was costing renters an average $330 a week.
Gladstone is at a similar price with a weekly average of $290, a big fall for the Port City's 2013 prices of $440 a week.
Mr Carr said Gladstone rental prices had dropped significantly because they relied on industries that came and went.
"Rockhampton is self sufficient, if one industry moves on here it doesn't seem to affect our local market, where Gladstone has southerners coming in for construction work," Mr Carr said.
"We are reliant on mining (to some extent), the downturn has seen a change in our market, but the market doesn't crash."
He said the resource sector downturn had greatly impacted mining towns out west.
In 2013 a three-bedroom rental was $330 in Blackwater and is now available for $200. The same situation is reflected in Emerald with a house rental price of $350 a week now being snapped up for $250.
Back in Rockhampton some rental properties in hotspot areas are at the higher end of the rental scale with renters paying anywhere from $300-350 a week.