MARKET HOVERING: A home in South Gladstone overlooks the rest of the city.
MARKET HOVERING: A home in South Gladstone overlooks the rest of the city. Mike Richards GLA120117RESG

Gladstone's rental vacancy rate stays above 4 per cent

HOPES that Gladstone's rental vacancy rate would drop to below 4 per cent by mid-year have been dashed by the Real Estate Industry Queensland's latest Residential Rental Survey.

The survey shows a slight uptick in the vacancy rate from 4.1 per cent in the first three months of the year to 4.2 per cent over the June quarter.

The figure has been gradually dropping over the past two years, since it shot up to 11.3 per cent in March 2016 following the end of Gladstone's LNG construction boom.

A figure of between 2 to 3 per cent is considered ideal, according to industry experts.

But local real estate agents are urging people not to panic because of the new figures, pointing to similar small jumps in the rate over the past two years as the rate has continued a general downwards trend.

 

Locations Estate Agents director and property specialist Alicia Williams in their new premises at the GEA City Arcade building on Goondoon St Gladstone.
REIQ Gladstone zone chair Alicia Williams. Alicia Williams

REIQ Gladstone zone chair Alicia Williams said the variation was negligible and the market had continued to show signs of recovery and stability.

"We expect the market to further tighten by the end of the year," Ms Williams said.

 

Gladstone's residential rental vacancy rate has been declining steadily over the past two years - with the occasional uptick. *Graphic created in April 2018.

At 4.2 per cent, Gladstone's vacancy rate remains the highest of the state's six major regional centres, well above Rockhampton at 3 per cent and Bundaberg at 2.2 per cent, according to the REIQ's figures.

Townsville, at 4 per cent, has the second highest vacancy rate, though the REIQ reported local property managers in both Gladstone and Townsville maintained their town's economies were showing signs of recovery.