Gladstone renters paying up to $1000 a month less
THE Gladstone rental market has experienced extreme highs, and the adjustments, and now it's coming back to "business as usual".
Renters are paying up to $1000 per month less than what they were paying last year.
And that drop has had a significant impact on the family budget.
The average price for a rental property in December 2014 was $360 per week - that is a 21% decrease from the average price in 2014.
REIQ zone chairman and LJ Hooker Gladstone director Mark Spearing said the average rental price of a four-bedroom property had dropped from $600 in 2013-14, to $420.
That was due to an oversupply of units and the downturn of local industry, he explained.
"In mid to late 2014, it was a great time to be a tenant and a terrible year to be an owner," he said.
"What we've seen is an oversupply of units which hasn't helped the rental market.
"We've seen some new suburbs come up where the majority of housing are less than five years old.
"Those more modern properties are obtaining a slightly higher rent because they are still a newer home," he said.
He said the Gladstone region had a "good supply" of properties available, after a period where the number of rentals available did not meet demand.
"The first quarter of 2015 will see rents stay at these levels, and maybe creeping up a little bit, because they are on the very cheap end," he said.
"We've had the highs, the adjustments and now we're coming into more of a business as usual for the Gladstone property market."
He said the changes in prices had brought more families to Gladstone.
"Townhouses in areas that were a particular sweet spot for visiting workers were peaking at around $750-850 a week.
"Now they are back to $380-420 per week," Mr Spearing said.
He said rental properties were still turning over quickly. The average property, he said, was vacant for just 14 days.
"You've still got to be quick and organised as a tenant to get the home that you like.
"But the good thing is you will find a property at a good price. You've just got to hunt for it," he said.