Property

Softening Gladstone rents go against state trend

THE softening Gladstone rental market is going against the statewide stabilisation trend.

The latest REIQ Residential Rental Survey found the city's over-supply was pushing down median rents.

The survey, carried out at the end of June across REIQ-accredited real estate agencies, found Gladstone, Rockhampton and Mackay were feeling the pain.

Median weekly rents in the city have come down significantly compared to this time last year.

Three-bedroom houses have dropped by $150 a week and two-bedroom flats have fallen by $140.

REIQ acting chief executive officer Antonia Mercorella said the downward trend reflected changes in mining areas with FIFO workers.

"Gladstone's rental market remains in oversupply, however according to local agents the level of tenant and investor activity has returned to 'normal' rental market conditions," Ms Mercorella said.

"Similar conditions prevail in the Mackay rental market, however vacancy rates at the end of June improved slightly, dropping 0.7% to 6.8%."

Ms Mercorella said Queensland rental markets were stabilising heading into spring.

The vacancy rate for Brisbane eased to 2.3% at the end of June, compared to 1.9% at the end of March.

Figures from the Residential Tenancies Authority show a decline, compared to the previous quarter, in the number of bonds lodged during the June quarter across three-bedroom houses, two-bedroom units and three-bedroom townhouses.

Ms Mercorella said bright spots were Queensland's tourism centres, where rental markets were strengthening.

"Despite increasing activity in their sales markets, rental markets in Queensland's tourism centres still remain some of the tightest across the state," she said.

Topics:  gladstone property market real estate rents



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