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Rental market availability plunges after floods

HOUSING SHORTAGE: Michael Dempsey from Michael's Real Estate says there is a shortage of rental properties available in Bundaberg. Photo: Mike Knott / NewsMail
HOUSING SHORTAGE: Michael Dempsey from Michael's Real Estate says there is a shortage of rental properties available in Bundaberg. Photo: Mike Knott / NewsMail Mike Knott

THERE are just 40 rental properties available in Bundaberg, as the market starts to tighten up after the floods.

Real Estate Institute of Queensland Bundaberg zone chairman Michael Dempsey said the market had been tight before, but the floods had exacerbated the situation.

"Just before the floods there were only 200 properties available, but now there are only 40," he said.

Mr Dempsey, who is the principal at Michaels Real Estate, said his agency had no available rental properties.

He said he had not heard of reports of landlords profiteering from the tight rental market by putting up their rents.

Everybody was doing the right thing.

"Our prices are pretty low, so there is probably room for a rise," he said.

"Once the new stuff comes in, I would say our prices will go up."

Mr Dempsey said people whose homes were flooded would not necessarily be looking to rent accommodation.

He said the authorities were talking about bringing demountables into the area to house people unable to return to their homes for up to six months.

Mr Dempsey said he did expect a building boom as a result of the floods.

"It's one of those things; once there's a demand more houses will be built," he said.

He said builders and developers were already positioning themselves to take advantage of the demand for housing.

"It's already starting up now," he said.

"Builders are looking for blocks of land where they can offer house and land packages."




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The improvement would be mild when compared to past cycles