Gladstone rental vacancy rates at lowest point in 3 years
GLADSTONE'S rental vacancy rate has dropped to its lowest point in three years and is on track to return to pre-downturn levels, according to new figures from the Real Estate Institute Queensland.
In the latest confirmation the region's housing market has turned the corner, Gladstone was singled out by the REIQ as an area delivering "cautiously improving" numbers with a 4.1 per cent vacancy rate in the March quarter, following "two or three bleak years" post-LNG boom.
REIQ chief executive Antonia Mercorella said the improvement had been "a long time coming" but the region wasn't out of the woods yet.
"We'll continue to wait and see with this region," she said.
REIQ Gladstone zone chair Alicia Williams said the figure was another reflection of what local real estate agents had been seeing for some time.
"It's not just new renters, it's also people looking to stay in properties they've been in for some time," Ms Williams said.
"So we are getting some $10, $20 or $30 rent increases as they secure long-term leases."
Ms Williams said rather than concerning local agents, the rental market's "slow burn" growth rate was an indication the growth was sustainable.
"We don't mind that the market is going up gradually... we're just happy it's heading in the right direction," she said.