The start of the year for the rental market has been moving fast with a vacancy rate of 0.5%, properties renting quickly and new homes are becoming more popular for renters as prices steadied out at the end of last year.
Ray White Gladstone Rental Manager, Dannielle Williams said, “We are seeing a lot of brand new homes becoming available on the rental market the last few months, and becoming a far more popular choice for tenants as prices for some older homes are very similar.”
New four bedroom homes are renting at $620 per week at the moment, with older 3 bedroom homes between $420-450 per week. Compared to the REIQ June quarter median for new four bedroom homes being $650 per week and September quarter at $630 per week.
Rental properties are moving fast with the ones that are priced right, renting within one to two days when becoming vacant and receiving approximately 5 applicants per property.
Ms Williams said, “Though the older but modern homes are still in great demand and renting fast when priced right and within the market.”
A great example of this lately is a modern 4 bedroom brick home in Clinton with a weekly rental of $550 per week. This home has been in huge demand with an extraordinary number of enquiries to inspect the home.
Master Builder statistics show the number of building approvals in Central Queensland for last October rose 191% from the previous year.