REPORT: Dire straits for Gympie’s rental market
GYMPIE’S rental market has become even tighter in the June quarter, falling below a miserly one per cent according to Real Estate Institute of Queensland data.
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The most recent quarterly data for rental vacancies for Gympie is 0.8 per cent, down from 1.1 per cent reported in the previous quarter.
To the north, Maryborough’s most recent vacancy rate was 0.4 per cent and Hervey Bay was at 1.6 per cent.
The data indicates more than two thirds of Queensland was seeing tight rental vacancies, with 18 per cent of the state at less than 1 per cent vacancy.
REIQ CEO Antonia Mercorella said the latest figures were “extraordinarily low” for the region.
“If you look at the number of current listings available, there’s less than 20 in the inner municipality while outer regions hoist that number to only 27 – that’s around 0.1 per cent of total dwellings which is extraordinarily low,” Ms Mercorella said.
“And conditions have remained very tight even through July, with Gympie recording a monthly vacancy rate of only 0.4 per cent.
“Gympie’s previous quarter from January through to March remained just as tight for rental vacancies, recording only a marginally higher rate of 1.1 per cent.
“In fact, historical data reveals that the rental market in the area has remained extremely tight for many years, with the last recorded signs of a weak rental market back in late 2008 and early 2009 during the Global Financial Crisis.”
Ms Mercorella said the tight market extended further through the region, from 0.9 per cent on the Southside to 0.5 per cent at Jones Hill.
She said local demand in the rental market would only increase in the future.
“With agriculture and manufacturing two of the largest industries for employment, demand will only continue to increase as Queensland’s population continues to grow,” she said.
“Gympie has also benefited from a wider migration of workers relocating to the area as a result of major infrastructure project opportunities, including the Bruce Highway’s $65 million Cooroy to Curra upgrade which will be completed in 2025.”