Workers relocating boost rental demand in Bundy
MEDICAL professionals and construction workers moving to Bundaberg for work are snapping up our rentals, leading to a 1% tightening of the rental market.
Figures released this week from the REIQ show in the quarter from March to June, vacancies dropped from 4.6% to 3.6%.
It's not such great new for renters however, with the report showing the median rent for three-bedroom houses and townhouses increased by $5 over the past year, reaching $285 and $290 in June.
Rents for two-bedroom units held steady at $230.
While the gross rental yield for homes held steady over the quarter, units recorded a sharp increase from 5.2% in March to 6% in June - the result of a reduction in the median price of a unit.
Bundaberg investors in particular are reaping the rewards of a competitive rental market, with the region recording the second-largest rental yield of the areas analysed in the Queensland Market Monitor.
When it comes to sales, unit prices have plummeted 8.5% from $275,000 in June 2016 to $251,700 in June this year.
This compares with a median sale price of $269,000 five years ago.
Bundaberg has the slowest unit market in the state, taking 125 days to negotiate a sale in May compared with 91 days in the same period last year.
Part of the reason for this could be the dramatic increase of units for sale.
Listing volumes have risen by 30.5%, the second-highest percentage of stock available in the state, from 14.1% in May.