Weekly rental costs rise as less properties available
CENTRAL Queensland has recorded the highest rise in rental prices in regional areas compared to this time last year, according to SQM Research.
The independent property research company revealed its latest report which highlights how regional areas have recorded strong demand in rent, accompanied with rent rises.
The Central Queensland region has marked a 13.9 per cent rise in rent prices for houses and 21 per cent for units.
The median asking price in CQ is $320 per week.
The SQM Research report shows rentals have tightened in the region as more people have made the move from inner city living to the regions.
SQM Research managing director Louis Christopher said the lifestyle and tree change moves were increasing the vacancy rates in cities.
“I suspect there will have to be a high point in this move soon,” he said.
“However, I also suspect there will be a degree of permanency with the massive population shift.
“Meanwhile, Sydney and Melbourne rents continue to fall, providing leasing opportunities for tenants who have chosen to stay in town.”
Vacancy rates have surged to record highs in the Melbourne and Adelaide CBDs, with 8.4 per cent and 12.9 per cent vacancy rates respectively.
Melbourne’s vacancy rate is up 8.8 per cent than the previous month with one in 10 rental apartments in the CBD sitting empty in August during the lockdown period.
Regional areas are recorded the tightest rental markets on record with Rockhampton sitting at a 0.7 per cent vacancy rate – the lowest for more than a decade.
The national vacancy rate sits at 2.0 per cent with a recorded 69,971 vacant residential properties across Australia, compared to 2.2 per cent this time last year.
According to realestate.com.au September data, the average sale price for a house in the Rockhampton local government area was $270,000 or $245,000 for a unit.
In the past 12 months, 1,119 homes have sold in the region and 79 units.