Big win for Bundy renters: Vacancy rate doubles
RENTAL vacancy rates in Bundaberg took a big jump in the three months to the end of March, according to the latest Real Estate Institute of Queensland figures.
The REIQ's 2018 first-quarter vacancy report shows Bundy's rate doubled from 1.7 per cent to 3.4 per cent - a big win for people struggling to find a place in a tight market.
REIQ Bundaberg zone chair Le-Anne Allan said the result was expected.
"Traditionally this does happen in the first quarter,” MsAllan said.
"Anywhere between two per cent and three per cent is very good, this is still not too bad a rate.”
She said there were a good choice of properties available.
This time last year the vacancy rate was 4.6 per cent.
Bundaberg's highest vacancy rate in the past decade was 6.5 per cent in March 2009. For the past five years it has hovered mostly between three per cent and five per cent.
REIQ CEO Antonia Mercorella said despite the most recent jump, Bundy's rental market was still viewed as healthy.
"This is quite a jump, but there's likely to be a seasonal factor at work here with the transfer season impacting vacancies as people move in and leave for employment factors,” MsMercorella said.
Nearby centres Gladstone dropped to 4.1 per cent and Hervey Bay to 1.8 per cent.
"We have seen some positive news this quarter in regional Queensland, with many markets improving either a small amount or a considerable amount,” Ms Mercorella said.
"In continued good news for Gladstone, this market has fallen for a third consecutive quarter. Essentially this market has improved significantly since March 2016 when the vacancy rate was 11.3 per cent.
"Regional Queensland, in particular, has delivered good results in the wake of a two or three bleak years.”
Bundy's residential vacancy rates since March 2016
Mar 16 - 5.2 per cent
Jun 16 - 6.3 per cent
Sep 16 - 4.5 per cent
Dec 16 - 3.8 per cent
Mar 17 - 4.6 per cent
Jun 17 - 3.6 per cent
Sep 17 - 4 per cent
Dec 17 - 1.7 per cent