'Driven out': Gladstone locals return to cheap rent

FORMER Gladstone locals who were "driven out" by skyrocketing rents are returning home to savour the price drop, according to LJ Hooker's principal Mark Spearing.

The median rental price of units and houses has halved in the past three years, according to the Residential Tenancy Authority.

>>Out-of-town tenants flood cheap Gladstone rental properties

Brett Wortman

The average three-bedroom family home has fallen from $480 in the June quarter of 2013 to just $210, while two-bedroom units have dropped from $420 to $160.

"I think there is a number of people who were driven out of Gladstone because it was too expensive and they can now return because it's affordable," he said.

>>'Worst of bust': Gladstone property market 'approaching' bottom

Yesterday, Ray White's director John Fieldus told this paper that more than 40% of the 62 properties they leased were to tenants who were relocating to Gladstone. 

Mr Spearing said the allure of Gladstone could be a familiar city or family; however, there is no indication new jobs are drawing tenants.

Interest in Gladstone rentals remains well behind the rest of the state, with each Gladstone property posted to realestate.com.au being viewed just 53 times, well below the Queensland average of 250.
 



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