HOT PROPERTY: Rental vacancies halve in Bundy
THE Bundaberg rental tenancy competition is getting heated as property availability becomes increasingly scarce.
Potential tenants are taking to social media to express their frustrations at the lack of rental properties available in Bundaberg.
A four-bedroom home is currently averaging about $350 a week.
Director of Four Walls Realty Don Wall said the past four years had seen a steady decrease in the rental market and the recent banking royal commission had also made things harder.
"The banking industry is not lending funds to investors so people who would normally be suitable for buying an investment property are in limited supply,” he said.
"Secondly, when properties are being put up for sale, we are finding a majority of them are going to owner occupiers.
"Thirdly, developers can't access money so there is no new stock coming on board for the rental market.”
He said his business tracked rental vacancies weekly and had seen the numbers drop since 2017.
"Currently there are just over 200 vacant properties under the 4670 postcode,” he said.
"If we go back to 2015 we could have up to 430 properties available on the market for rent so in the last four years we've seen a steady decrease of less than half of what there previously was.
"Because banks aren't lending the money the rental pool is decreasing.”
Mr Wall said people were starting to get frustrated at the lack of rentals in Bundaberg.
"When we do open houses we can have 20 people interested but only one can be chosen, competition is quite fierce,” he said. "Moving can be an emotional time for people especially if they are forced to move.”