Gladstone rental market returning to normal

RAY White Gladstone's John Fieldus says rental markets in the region are on the slow march back to normality and there is evidence to prove it.

The latest residential rental survey released by the REIQ has seen Gladstone drop close to a full percentage in vacancy rates.

The survey revealed vacancy rates for Gladstone dropped by 0.9 in the quarter ending in September, to 4.7%.

The change edges Gladstone's rate closer to Rockhampton's and pushes further away from Townsville and Mackay.

Ray White Gladstone director of property management and leasing John Fieldus said over the past three to four years, the inflated market had bee bittersweet.

"Sweet for the landlords and bitter for the tenants," he said.

"If I could put it this way now, it's sweet bitter; sweet for the tenants and bitter for the landlord."

Mr Fieldus said the survey represented a return to a more balanced market.

"Here is bona fide evidence things are back in balance. In the broad picture it will provide some stimulus in terms of confidence," he said.

"We will go back to a position where investors view the town much more favourably than in the past few years.

"Up to 40% to 50% of the selling market is made up of investors. Absence of those investors runs right across the market place."

Mr Fieldus expected people to start moving back to Gladstone now the rental market was more affordable.

"Christmas is always a transitionary period for Gladstone with people coming and going," he said.

"I have a lot of confidence going into Christmas. Once they get to understand things are a lot more normal in Gladstone they will return home."

Regardless of whether the property market is inflated or on the way down, the report shows it's time to lock in a long-term lease.

VACANCY RATES:

Gladstone

  • Vacancy rate - 4.7%
  • Change - down 0.9%
  • Trend - down
  • Status - weak

Rockhampton

  • Vacancy rate - 4.1%
  • Change - down 0.7%
  • Trend - down
  • Status - weak

Bundaberg

  • Vacancy rate - 2.9%
  • Change - down 1.0%
  • Trend - down
  • Status - healthy


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