Green shoots sprouting in rental market

first_imgKirstie Hook, Chris Worrall and Vicki Powell from Elite Properties says they have 0% rental vacancy rate which is a sign the market is starting to improve.TOWNSVILLE’S rental market is steadily improving with one real estate agency recording a zero per cent vacancy rate.Elite Properties property manager Chris Worrall said as of last Friday, they had no properties vacant after finding tenants for the 200 homes on their books. Mr Worrall said he hoped the lack of vacant rentals was a sign of Townsville’s rental market improving.“I would suggest it’s a sign of the market,” he said. “There is some new people that have moved to town and it’s also generally owners becoming more realistic with rental properties.“The main properties we handle are family-type homes and as long as they are reasonably priced they are renting quickly.“Given what’s on the horizon with the infrastructure planned for Townsville I think the rental market will continue to improve but this is just a sign. We’re still a way off but we’re getting activity, which is a good sign.”Mr Worrall said they received a new listing on Monday which received an application within 24 hours. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Townsville’s rental vacancy rate is sitting at about five per cent following a spike in September of last year of 7.1 per cent.The median asking rent has stabilised and sits at $320 for houses and $280 for units.Job-generating projects such as Adani’s Carmichael coal mine and the North Queensland Stadium are expected to further buoy the city’s rental market.Mr Worrall said vacancy rates across Townsville would have to fall to at least three per cent before the market was considered a strong rental market.“There could be a bit of a spike with what’s happening with things like Adani and hopefully that will be ongoing,” he said.“I think overall Townsville is ripe for the picking but we just need infrastructure.“But we’ve got the stadium and Adani and there are some grassroots starting to show signs of growth.”For more information on property management call Elite Properties on 4725 8181.last_img read more