Newspaper article The Daily Mercury (Mackay, Australia)

Property Numbers Could Reach 1000

Newspaper article The Daily Mercury (Mackay, Australia)

Property Numbers Could Reach 1000

Article excerpt

Andrea Davy

andrea.davy@dailymercury.com.au

THE game has changed and tenants are now holding all the cards.

The Mackay region has about 980 properties listed for rent and real estate agents are predicting that will pass the 1000 mark within weeks.

Ray White Mackay City principal Sandra Paul said she had not seen so many properties on the rental market in her 14 years at Ray White in Mackay.

"January is a busy month, and lease inquiries have remained strong, but that will not do a great deal when there are this many properties on the market," Ms Paul said. "I have never seen it this high before."

Ms Paul remembers when there were only 110 properties listed to rent. That was only two and half years ago.

"Vacancy rates were below 1%," she said.

The dramatic shift has not gone unnoticed by tenants.

Rent reductions, and rent negotiations are now common.

On average, Ms Paul said rents had fallen between $100 and $120 a week. …

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