Rental price drops by up to $120 a week in Gladstone
THE median rental price in Gladstone has dropped by up to $120 a week despite ongoing employment opportunities in the mining and construction industries, according to PRDnationwide's latest report on the region.
Just over 12 months ago, rental prices were soaring in the Gladstone local government area, with a large portion of properties classed as unaffordable to the average resident.
However, according the latest Property Watch report from PRDnationwide's research department, an increasing number of residential projects reaching completion has released rental pressure and made the Gladstone region more appealing for renters.
There is also some anecdotal evidence that retirees and sea-changers are beginning to step back into the Gladstone market.
Median rental prices across all dwelling types have reduced, with the exception of single bedroom units, which recorded a $10 rise from $300 to $310 per week.
Three bedroom units and two bedroom townhouses showed the largest decline in median rent price, dropping by $70 per week and $120 per week respectively.
PRDnationwide research analyst Angus McLean said many investors had been forced to lower their rental expectations, but high yields in the rental market were still achievable.
"In order to secure a tenant on a good lease, investors in the Gladstone region have had to make adjustments to their rental price expectations," he said.
"But despite these rental price corrections over the past 12 months, high yields can still be achieved in the current market."
PRDnationwide Gladstone principal Margie Richards said her agency was preparing for an influx in interest.
"With more than $35 billion of projects in the pipeline that should boost the local economy, we're looking forward to an increase in enquiries from investors looking to capitalise on more affordable property prices," she said.