Tuesday, 23 October 2012

QLD MACKAY RENTAL MARKET FLIP


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QLD MACKAY RENTAL MARKET FLIP

Tenants feel some rental pressure ease

Residential rental vacancy rates have remained tight across Queensland, according to the latest Real Estate Institute of Queensland (REIQ) data.

But bucking the trend was the vacancy rate in Mackay, increasing from 1.7% in June to 4% in September. A vacancy rate of 3% is considered to be the equilibrium point of supply and demand.

Sally Richards, Mackay zone chairwoman for the Real Estate Institute of Queensland and principal of Elders Real Estate Mackay, said agents had noticed more properties available at the moment.

"This happened really quickly though, and has been brought on by job transfers, loss of jobs and uncertainty in the mining industry," she said.

"In the next couple of months things should return to normal though, once a few new projects start up," Ms Richards said.

Ms Richards said with the low interest rates now was the time to be buying.

Findings from the Institute's September Residential Rental Vacancy Rate Survey, compiled from information and data by REIQ accredited agents, showed most major regions posting vacancy rates of 2.5% or less in September.

According to local REIQ agents, the cancellation of projects in the mining industry had immediately carried over into the rental market.

The cancellation of leases due to the relocation of workers, newly-constructed properties becoming available, and some investors moving into their rentals have resulted in the vacancy rate increasing markedly. Higher-end rents are also reportedly coming down.

REIQ chief executive Anton Kardash said statewide vacancy rates were continuing to trend into under supply territory as investor activity slowly swung back into life.


SOURCE: http://www.dailymercury.com.au

INTERESTED IN MACKAY
HERE IS SOME SEPT FIGURES FROM SOURCE : www.mackay.qld.gov.au
Devereux Creek looks like checking out