Newspaper article The Morning Bulletin (Rockhampton, Australia)

Rentals May All Be Gone

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Rentals May All Be Gone

Article excerpt

Byline: Aden Stokes Aden.Stokes@capnews.com.au

RENTAL vacancy rates are at an all-time low at less than 2 per cent and Adani is expected to turn the screws of the Livingstone real estate market even tighter.

According to REIQ's report on the March quarter, Yeppoon's average weekly rental for three-bedroom houses has jumped to $350, an increase of $30 in the past year.

Pressure on the coast rental market is expected to build as people move to the Rockhampton region to take jobs at the Adani mine.

A snapshot of properties available for rent on the Capricorn Coast showed 79, whereas Rockhampton had a total of 262 properties available for rent.

Looking over his sheet of rental properties, agent Sean Appleton of At The Beach Real Estate - Yeppoon had only three available.

"Usually we would have two pages, meaning there would be 15-20 properties available for rent," Mr Appleton said.

"But at the moment we only have three available, and two of those are units.

"Once you see vacancy rates under two per cent, that's the sign of your market coming good."

Mr Appleton said Yeppoon's low vacancy rate of under two per cent was due in part to the number of mines which had opened around Central Queensland.

He expects the vacancy rate to tighten even further, possibly down to 0 per cent, when construction begins on the Adani Carmichael coal mine.

"There will be a big rush," he said.

"The vacant land and prices will start to move when there are no longer houses for sale.

"When people run out of stock it will then get very quiet.

"I think we will see anywhere up to six to seven years on the lift. I hope it is a long straight run rather than a spike like we got in 2007 when the market crashed."

Mr Appleton said the big question is where people will stay when there are no houses for sale or rentals available. …

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