Landlords start to regain ground as rent prices creep higher
LANDLORDS are slowly gaining ground in Gladstone's property market, with new research showing slight increases to rent prices.
The new analysis by the Australian Housing and Urban Research Institute revealed that more than a quarter of all Australian households were now renting.
That's about 2.1 million households.
It said the private rental sector had grown by 38 per cent in the 10 years to 2016 and AHURI predicts that level to increase.
On the local front, Real Estate Institute of Queensland Gladstone zone chair Alicia Williams said landlords were slowly regaining position based on tightening vacancy.
"The market is moving into a position of equilibrium, which is also building confidence for both buyers and sellers as well as landlords and tenants," Ms Williams said.
"Longer-term leases are preferable to reduce the frequency and cost of moving."
Ms Williams said low-set brick-veneer, four-bedroom, two-bathroom homes continued to be preferred by families in our area.
"As workers start to move back into our region, we are also seeing a demand for fully furnished and self-contained apartments and townhouses offering shorter-term leases with the flexibility to extend for a further period as contracts are also extended," she said.
"We appear to have sufficient stock available for different buyers and tenants and will continue to monitor stock availability over the next quarter."
Data from the Residential Tenancies Authority revealed slight increases in median weekly rent prices for the Gladstone Regional Council area for the June quarter.
Three-bedroom flats have gone from a median price of $200 a week in the March quarter to $210 in June. Three-bedroom townhouses also increased by the same amount.
New bonds lodged remained comparable over the past two quarters, with the only significant rise coming for three-bedroom houses, with 222 new bonds lodged in March compared to 279 in June.
Two-bedroom flats experienced a drop in new bonds lodged, dropping from 226 to 189.
Ms Williams said rents were slowly increasing in $10-$20 increments across the board and vacancy remained firm about 3 to 4 per cent.