Tight rental market a headache for CQ tenants
VACANCIES for rental properties across parts of Central Queensland remain as low as ever - even in the aftermath of COVID-19 - as would-be tenants battle it out to secure a home.
According to the Real Estate Institute of Queensland's Market Monitor report, demand remained so high that many tenants had been forced to pay around $20 more upon lease renewal.
Rockhampton recorded only a slight decrease in available rentals as rates fell by 0.3 of a per cent to sit at just 1.3 per cent for the December 2019 to March 2020 quarter.
An hour south, Gladstone reported a steep decline from its previous 4.1 per cent vacancy rate, dipping by more than half to sit at just over 1.5 per cent.
Unfortunately, it was a different story for both Livingstone and Central Highlands weakened markets with a respective 1 per cent and almost 4 per cent increase in property availability.
Rental Market REIQ Rockhampton Zone chair Noel Livingston confirmed demand for rentals remained tight, adding the city had survived COVID-19 and remained relatively unscathed.
"The relatively low cost of both rentals and sales in the Rockhampton region mean buyers aren't locked out by affordability issues even when the nation's financial prospects remain generally uncertain," he said.
Affordable living is evident for the region with Rockhampton tenants reportedly forking out around $310 per week for a 3-bedroom house, while Livingstone around $330 per week.
Two-bedroom flats, however, would cost Livingstone residents around $290 per week compared to Rockhampton at a weekly cost of $230.
REIQ further revealed the returns on a variety of investment properties across Rockhampton were proving significantly better for owners.
"The median gross rental yield for Rockhampton investment houses improved this year, coming in at 6.1 per cent in March 2020 quarter - a rise on the 5.6 per cent outcome for December quarter 2019.
"The gross March 2020 quarterly yield for units is at 4.1 per cent - up on the 3.8 per cent result for December Quarter 2019."
Reasons for the demand include less tenants looking to relocate during the pandemic, affordable living in regional areas and the region's strong influx of mining and agriculture workers.
Rental properties available for $330 across QLD
Rockhampton - 1-bed flat, 2-bed flat, 3-bed flat, 2-bed house, 3-bed house.
Yeppoon - 1-bed flat, 2-bed flat, 3-bed flat, 2-bed house, 3-bed house.
Emerald - 1-bed flat, 2-bed flat, 2-bed house, 3-bed house, 2-bed townhouse, 3-bed townhouse.
Mackay - 1-bed flat, 2-bed flat, 2-bed house.
Gladstone- 1-bed flat, 2-bed flat, 3-bed flat, 2-bed house, 3-bed house, 4-bed house, 2-bed townhouse, 3-bed townhouse.
Noosa - 1-bedroom flat.
Inner City Brisbane - N/A