Gladstone rental vacancy rates 'highest' in the state
SINCE June last year Gladstone's rental market has been dragged kicking and screaming to this moment --- Gladstone has the highest residential rental vacancy rate in the state.
The most recent data from the Real Estate Institute of Queensland shows vacancy rates have jumped from 10% in December to 11.3% at the end of March.
This follows a trend, starting in June, where vacancy rates were at around 5% ---- that means in nine months rental vacancy rates have more than doubled.
Although the common thinking was that Gladstone had hit rock bottom, it appears there was still room to move.
In the report REIQ CEO Antonia Mercorella said outside the south east corner, vacancy rates were weak due to the mining downturn.
"Gladstone has pushed out to 11.3%, the highest in the state, and this is concerning," Ms Mercorella said.
"The closure of the LNG project continues to have an impact as workers leave in search of jobs elsewhere."
Interestingly, while Gladstone's vacancy rate continues on its upward trend, other areas in a similar economical position to Gladstone, like Mackay and Townsville, have seen vacancy rates drop over the last quarter.
Vacancy rates in Mackay have dropped from 9.3% in December to 8.1% in March. Townsville dipped slightly from 6.4% to 6%.