There’s no relief in sight for Queensland’s excessively tight rental market with Noosa among the regions most affected.
The Real Estate Institute of Queensland’s (REIQ) Residential Vacancy Report has revealed just 0.1 per cent properties available for rent in Maryborough in 2021, hovering just above zero in a record low across the history of the report.
In neighbouring Hervey Bay vacancies were sitting at 1.0 percent in the December 2021 quarter. Meanwhile, Bundaberg (0.4 percent) and Gympie (0.3 percent), also continued to feel the strain, remaining in incredibly tight territory.
Queensland coastal tourism centres of Sunshine Coast (0.5 percent), Caloundra Coast (0.6 percent), Gold Coast (0.6 percent), Fraser Coast (0.6), Noosa (0.8 percent) are still in high demand with vacancies hardly letting up.
The record low vacancy rates are due mainly to the impact of Covid-19 and the resulting migration to regional Queensland from interstate or high-density urban areas. Employment is another factor with infrastructure projects and increased manufacturing seeing workers on the move.
There is also the ability to work from home.
REIQ CEO Antonia Mercorella said she couldn’t recall a time where tight vacancy rates were so consistently and drastically low across Queensland, citing Covid-19 creating unique behaviour. “We’re experiencing the perfect storm of low housing supply levels, incredibly high interstate and intrastate migration particularly to our regions, longer length tenancies as tenants choose to stay put for greater security and certainty, and less shared tenancies as people want more space now they’re working from home,” Ms Mercorella said.
“A rental market as extraordinarily tight as this presents challenges to the local economy and to the community.
“We acknowledge that while current market conditions are favourable from an investor’s perspective, no one wants to see people struggling to find a place to live, forced into unsuitable housing – such as big families crammed in studio apartments – or living unsustainably outside of their means.”
Demand for rentals in Noosa has been driven by people from the southern states of New South Wales and Victoria looking to move to the area.
Laguna Real Estate property manager Kelley Drinnan said that until they can buy, they have needed to rent.
Often this is in the higher-end of the rental market and it can take six months to buy a property.
“The higher-end rental properties are coming back onto the market when they have bought,’’ Kelley said.
“They are stop-gapping.
“Sales are so tight, they go to rentals.’’
Residential buyers have paid higher prices and are looking for a return to match the investment.
Tightest in affordability is the $550-$750 a week range.
Higher priced properties in the $800-a-week range and above are sitting there longer.
Transient workers and those in service industries cannot afford those prices.
As a result they are looking to the Noosa hinterland and Gympie region.
Kelley said Laguna had a magic number of rentals being valued at 30 percent of a tenant’s income. “We are finding that is not readily achievable.’’
Places to look for affordable rentals include Tewantin, where a three-bedroom house that was $550 is now $750-$800 a week.
Units are harder to find as they do not readily suit families or those with pets.
Houses are in high demand, and they are taken very quickly.
Pricing and appraising is becoming more and more difficult as the increase has jumped so fast. What agents were comparing with six months ago has changed, yet it’s hard to justify that to tenants.
The REIQ’s expectation is that 2022 will bring more of the same competition and more needs to be done to relieve pressure on the rental market.
“Demand for rental properties in Queensland will continue to rise along with the rising population and that growing population needs a roof over its head,” Ms Mercorella said.
“With international borders opening, over time we’ll see returning numbers of international students, migrants, and holidaymakers, and this too will add to the strain on rental accommodation. “Regional areas growing due to new employment prospects will also need to find housing solutions to take advantage of the economic boost a rising population could deliver.’’
ORIGINAL BEACH HOUSE VIBE EXCITES
It’s virtually an original 1980s beach house – the character and the vibe is as much of Sunshine Beach as you can get.
Little wonder that Chris Miller of Tom Offermann Real Estate is excited about the auction this Saturday at 1pm of the four-bedroom, two-bathroom house with pool at 7 McAnally Dve.
McAnally Dve is a highly sought-after addresses in northern Sunshine.
This is a rare 744sq m in Sunshine and the house steps down from the ridge.
Looking out from the loft gives an idea of the ocean views that can come into play.
“If you were to push out it would take in more,’’ Chris said. “It has such a cool beach house vibe.
“The opportunities for the future are very clear.’’
This Sunday Chris takes the two-bedroom, two-bathroom penthouse , Noosa Heads, to the market at midday.
The response to this impressive apartment has been exceptional, Chris said.
“The elevation, the views and the size of the apartment have been an amazing drawcard.
“It’s a very popular position within walking distance to Hastings St and with exclusive use of Brooke’s Pool.
“The inquiry level has been a really good mix of people with property already in Noosa, from overseas and interstate.’’
SOMETHING SPECTACULAR
It’s a spectacular home, one of those that has been built with a good sense of scale, of aspect and really nicely finished.
Mark Hodgkinson and Cassandra Young of Reed & Co are taking the six-bedroom, three-bathroom house with pool on 0.06ha at 43 Regency Rd, Doonan, to auction today, Friday, at 1pm.
“A lot of the feedback has been how everything’s been done,’’ Mark said.
“How well it’s been built and landscaped.
“We look like having registered bidders from interstate, wanting to relocate.
“Now that they can get here and crawled all over it, they love it even more.
“And there are locals not knowing something this spectacular is here. They are looking to upgrade rather than renovate their own property.’’
In an elevated position with panoramic views, the property is a blend of modern acreage living with Queenslander charm and elegance, while offering privacy, comfort and entertainment.
AUCTION BRINGS BIDDERS TO TABLE
The auction process has brought bidders to the table even if there wasn’t a result on the day.
Rob Spencer of Sunshine Beach Real Estate had four registered bidders at 13 Hill St on Saturday for the auction of the three-bedroom, three-bathroom house.
Architect-designed in the 1970s and immaculately presented, the property included a self-contained studio.
Bidding started at with auctioneer Gordon Macdonald and reached $2.5m. Negotiations are continuing with registered bidders and fresh interest – international, interstate and local.
This Saturday, February 12, Kathy Wise at Sunshine Beach Real Estate is taking 32 Solway Dve, Sunshine Beach, to auction at midday.
The three-bedroom, two-bathroom house with pool is on one level, which is something of a rarity for Sunshine.
“It’s really exciting,’’ Kathy said. “There is international as well as local interest – and people who have sold down south.
“One street from Noosa National Park, if you build up there is the potential for ocean glimpses.’’
On 611sq m with a huge floorpan and bonus studio, the house is a 10-minute walk to the village, surf club and patrolled swimming.
RETREAT TO THE COUNTRY
Two residences offering seven bedrooms, four bathrooms, eight-car parking, sheds, pool, on 4.05ha at 21 Carroo Lane, Ridgewood, goes to auction Saturday, February 12, at 2pm with Theodora Garwood and David Garwood of Garwoods Estate Agents.
Inquiry has been from interstate and all over Queensland, David said.
And it has been for all sorts of reasons – from those wanting to create retreats to lifestyle.
“Both houses are in immaculate condition,’’ he said. “The dam is quarter acre in size and there is a rainforest walk.
“It’s a beautiful property and we have been talking with some high-level prospects.’’
AUCTION ACTION
FRIDAY, February 11
Doonan
43 Regency Rd: 6bed, 3bath, 4car house, pool, on 0.6ha, 1pm, Mark Hodgkinson 0409 484 159 Cassandra Young 0499 934 190 Reed & Co
SATURDAY, February 12
Ridgewood
21 Carroo Lane: 7bed, 4bath 8car house, pool, on 4.05ha, 2pm, Theodora Garwood 0408 710 373 David Garwood 0411 862 954 Garwoods Estate Agents
Sunshine Beach
32 Solway Dve: 3bed, 2bath, 1car house, pool, 12pm, Kathy Wise 0407 968 300 Sunshine Beach Real Estate
7 McAnally Dve: 4bed, 2bath, 2car house, pool, 1pm, Chris Miller 0412 894 542 Tom Offermann Real Estate
SUNDAY, February 13
Noosa Heads
7503/5 Morwong Dve: 2bed, 2bath, 2car penthouse apartment, 12pm, Chris Miller 0412 894 542 Tom Offermann Real Estate
Peregian Beach
13 Petrel St: 4bed, 3bath, 2car house, 11am, Roark Walsh 0437 447 804 Tom Offermann Real Estate
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