Property

Relief for renters as Gladstone market starts to soften

The rental market in Gladstone is starting to plateau.
The rental market in Gladstone is starting to plateau. Brenda Strong

PEOPLE often say that renting is dead money.

So how do you know if you are signing a lease on a reasonably priced rental to ensure you are not wasting too much money on rent in Gladstone?

One Gladstone resident, who didn't want to be name, believed rental prices in Gladstone were quite expensive for one to two bedroom places.

"The Gladstone real estate market is worryingly unstable," he said, in relation to whether it was better to buy or rent.

"I have friends unable to sell their houses."

The Gladstone resident has lived in the region for five years, and feels he is paying too much rent.

"My lease was signed six months ago during the peak," he said.

"I share with three other people - luckily we are quiet or don't spend much time at home.

"I could not afford a similar house with fewer bedrooms on my own."

He said it was nice to know that rental prices were starting to ease off a little.

Ray White Gladstone director Andrew Allen said the best way to know if you were paying too much rent was by conducting your own research into the property market.

"Look at websites like domain.com.au and view as many open homes as possible prior to making a decision," he said.

Mr Allen said the rental market was plateauing.

"It is not uncommon for us to be offering tenants new leases at the same rate rather than the increase that was occurring 12-18 months ago."

Elders Real Estate Gladstone owner Colin Burke said the market in Gladstone was softening.

"The vacancy factor is moving out to a pronounced amount and the rents are levelling out," he said.

Mr Burke said before renting people should research the market by going to several agents or going online and compare the properties available to them.

"Once you've done a comparison, any over-priced properties would stand out."

Residents who are locked in to rental contracts and believe they are paying too much simply have to bite the bullet until the lease is up.

Mr Burke said the best advice he would give is to run with a six month lease then look at negotiating the price.

"The markets becoming better for tenants - it's a bit fairer for everyone all around," he said.

Reader poll

Do you think rent is too high in Gladstone?

This poll ended on 28 March 2013.

Yes - 63%

No - 16%

I'm a happy home owner - 19%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Topics:  elders real estate, gladstone real estate, ray white gladstone, rental properties


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