News

Tenant demand in region is still weak, says REIQ

AFFORDABLE REGION: REMAX's Monique Stevens outside a rental property in Norville. According to the latest quarterly data from Australian Property Monitors, Bundaberg's median weekly rent is $245. Photo: Mike Knott / NewsMail
AFFORDABLE REGION: REMAX's Monique Stevens outside a rental property in Norville. According to the latest quarterly data from Australian Property Monitors, Bundaberg's median weekly rent is $245. Photo: Mike Knott / NewsMail Mike Knott

BUNDABERG is one of the cheapest places to rent a unit compared to other nearby regions but is that a good thing?

The latest quarterly data from Australian Property Monitors shows that the median weekly rent for units in Bundaberg sits at $245 compared to Fraser Coast at $275 and Gladstone at $300.

REIQ research analyst Yvette Burton said a low median weekly rent was not necessarily indicative of a weak rental market.

"From an investor's perspective, the rental income is relative to the purchase price - in other words, what rental yield a property can achieve is the ultimate litmus test," she said.

"In Bundaberg, the median sale price for units has been around $240,000 so a property bought for $240,000 and achieving $245 per week rent, equates to a gross yield of 5.3%.

"This is comparable with the likes of other regional centres, which typically achieve higher gross yields than metropolitan centres, due to the relatively affordable purchase price of properties."

Re/Max Precision principal Scott Mackey said at the moment it had about 315 rental properties available in the Bundaberg region - 106 of those being units.

"Generally that figure would be below 100 units," he said.

"The lowest priced unit we have to rent is $160 per week in George St which is a one bedroom, one bathroom unit.

"The dearest unit we have is $1000 a week which is in Bargara and is a three bedroom, three bathroom unit."

Mr Mackey said after the floods the rental market really tightened up considerably because a large amount of the rental homes were flooded.

"That created a necessity for shelter that took a lot of stock that was for sale," he said

"People that had property for sale and were vacant were immediately put out to rent for six to 12 months."

"There was a while there where there was a number of stock be it for rent or sale but we are cleaning through that now."

Ms Burton said according to local REIQ agents, tenant demand was still weak, with people leaving the area for work reasons and not as many relocating to the region.

"However, in comparison to the likes of Gladstone and Mackay, where vacancy levels are above 5%, Bundaberg's vacancy rate of around 4% is one of the lowest of the regional centres."
 

Topics:  reiq remax rental market



10 best street art spots to take an Insta selfie

IF YOU are in need of a few trendy new Instagram snaps, then get your phone and selfie-stick ready and head to Brisbane.

Where to find the best coffee

Strauss is known for its superb brew.

COFFEE snobbery is at an all-time high.

Theatre royalty graces Brisbane stage

Don't miss Charles Edwards in this incredible theatre performance.

WHEN acting royalty comes to town, you sit up and take notice.

Don’t go chasing waterfalls…find them on these drives!

The Scenic Rim is just one place nearby that you'll love.

BRISBANE isn’t all bright lights and city slickers.

Your boots are made for walking these tours

Brisbane Greeters tours are a great way to learn the local history of the city.

YOU don’t need a bike or bus for a seriously good tour of Brisbane.

Discover Brisbane’s laneway gems

Brisbane's laneways will surprise you.

NOT all of Brisbane City is as it seems…

Drink where the cool kids do this summer

There are a bunch of new bars open in Brisbane, make sure you're there!

CHECK out these new funky bars.

How phone calls led to 83 Bundaberg arrests, 227 charges

Crime Stoppers Queensland CEO Trevor O'Hara is happy with the 2016 arrest and charge results.

Annual report reveals crime situation

Bundaberg arts festival is back

VIBRANT WORK: Landscape artist Betty Searle in her studio. Betty is currently exhibiting her work at Brisbane’s Wild Canary Bistro.
Photo: Mike Knott / NewsMail

...with some fresh paint for the $5000 prize

Local Partners

'I wasn't naked': Blanca Blanco speaks out

BLANCA Blanco made headlines around the world after 'accidentally' flashing, but she says she was actually wearing a nude bodysuit.

‘IT’S A LITTLE SAD’: Trump makes Oscars bungle all about him

US President Donald Trump claims Hollywood's elite were too busy mocking him to pay attention on Oscars night.

Donald Trump ‘explains’ Oscars stuff up.

Lama and Sarah’s ‘epic’ MKR fail

My Kitchen Rules contestants Lama and Sarah.

Tempers flare as Lebanese feast turns into an epic fail.

Oscars 2017: How did biggest award get stuffed up?

Presenter Warren Beatty shows the envelope with the actual winner for best picture as host Jimmy Kimmel, left, looks on at the Oscars on Sunday, Feb. 26, 2017, at the Dolby Theatre in Los Angeles. The winner was originally announced as La La Land, but was later corrected to Moonlight.

'Guys in headsets starting buzzing around. They took the envelope.'

Lisa Curry can't marry her fiance

Lisa Curry breaks down in the jungle.

Lisa Curry says she can’t get married to her fiance

The true cause of the Oscars bungle

Faye Dunaway, left, and Warren Beatty present the award for best picture at the Oscars on Sunday, Feb. 26, 2017, at the Dolby Theatre in Los Angeles.

The Oscars ended with a moment that left everyone speechless.

HUGE OSCARS FAIL: Wrong film handed Best Picture award

Presenter Warren Beatty shows the envelope with the actual winner for best picture as host Jimmy Kimmel, left, looks on at the Oscars on Sunday, Feb. 26, 2017, at the Dolby Theatre in Los Angeles. The winner was originally announced as La La Land, but was later corrected to Moonlight.

IN A monumental stuff-up, La La Land incorrectly named Best Picture.

Casino boss loses $4m on waterfront Sunshine Coast home

The owner of this stunning Noosa home accepted much less than he had initially wanted for the home.

When illness struck owner forced to try and cash out of property

Mining homes dive: $600k homes sell for $120k-$300k

18 Yeates Street, Moranbah sold for $135,000 in December, after being repossessed by a bank. The owners bought for $545,000 in August, 2011.

The economy still has two speeds, but with a painful twist

Growing optimism in realty markets

Work on the gas pipeline at the Bundaberg Port.

Market shifting from buyers' market to vendor

Mackay's property market climbing like a Rocket Man

Renewed confidence in Mackay means more homes are being snapped up by those eager to plant their roots in the region.

There's movement in the real estate sector and it's all positive.

'Why we drove 800km to buy a treehouse with a disco ball'

The new owners have planned a few updates, but will stick with much of the original design.

A couple travelled almost 800km for the home of their dreams.

Ready to SELL your property?

Post Your Ad Here!