Source: Corelogic RP Data
Across regional Queensland, rental rates remained steady for houses over the final quarter of 2015, at $350/week, while for units, a -2.9% decline was recorded, bringing the typical rental rate to $330/week. Both the detached house and unit rental performance over the past year has underperformed when compared to the five year average for the region and interestingly, regional Queensland house rents are currently recording the same median price as they were over the December 2010 quarter.
Across the individual product types, houses with five bedrooms were the strongest performer over the three months to December 2015 with rents up 2.0% to $510/week with rental rates for the other detached housing product types unchanged over the quarter. On an annual basis, houses with five or more bedrooms were also the only product type to record a rise in rents.
Over the December 2015 quarter, weakness across the Fitzroy rental market continues to be apparent, recording the most prominent falls in rental rates across regional Queensland. House rents fell by -6.3% over the three months to December 2015, while unit rents are -7.1% lower over the quarter. Over the past year, the South West region has been the hardest hit rental market for houses, with rents falling by a substantial -28.9%, further highlighting the overall weakness across markets associated with the resources sector.
Houses
| Property Type | Median Weekly Rent | Qtr | YOY | 5yr Avg Annual Change |
|
3 bedroom |
$320 |
0.0% |
-0.3% |
-0.6% |
|
4 bedroom |
$400 |
0.0% |
-2.4% |
0.0% |
|
5+ bedroom |
$510 |
2.0% |
2.0% |
3.5% |
|
All Houses |
$350 |
0.0% |
-2.8% |
0.0% |
Units
| Property Type | Median Weekly Rent | Qtr | YOY | 5yr Avg Annual Change |
|
1 bedroom |
$280 |
-3.4% |
0.0% |
0.7% |
|
2 bedroom |
$305 |
-3.2% |
-1.6% |
0.3% |
|
3 bedroom |
$370 |
-2.6% |
-2.0% |
0.5% |
|
All Units |
$330 |
-2.9% |
0.0% |
0.6% |
| Statistical Division | Weekly Rent | Qtr | YOY | 5yr Avg Annual Change | Weekly Rent | Qtr | YOY | 5yr Avg Annual Change |
|
Central West |
$230 |
-4.2% |
-11.5% |
-2.0% |
na |
na |
na |
na |
|
Darling Downs |
$300 |
0.0% |
-4.8% |
2/1% |
$275 |
1.9% |
-1.8% |
1.1% |
|
Far North |
$390 |
2.6% |
2.6% |
4.4% |
$290 |
1.8% |
3.6% |
4.7% |
|
Fitzroy |
$300 |
-6.3% |
-9.1% |
-1.9% |
$260 |
-7.1% |
-10.3% |
-3.5% |
|
Gold Coast |
$499 |
3.9% |
6.1% |
3.5% |
$395 |
1.3% |
5.3% |
2.4% |
|
Mackay |
$300 |
0.0% |
-14.3% |
-5.6% |
$250 |
-3.8% |
-16.7% |
-4.2% |
|
North West |
$390 |
-2.5% |
-13.3% |
4.0% |
$270 |
8.0% |
-22.9% |
na |
|
Northern |
$345 |
1.5% |
-1.4% |
-0.3% |
$300 |
0.0% |
0.0% |
-0.2% |
|
South West |
$270 |
-3.6% |
-28.9% |
-4.5% |
na |
na |
na |
na |
|
Sunshine Coast |
$475 |
1.1% |
3.3% |
3.5% |
$375 |
-1.3% |
2.7% |
2.6% |
|
West Moreton |
$320 |
1.6% |
3.2% |
2.0% |
na |
na |
na |
na |
|
Wide Bay-Burnett |
$300 |
0.0% |
0.0% |
2.9% |
$280 |
0.0% |
1.8% |
3.1% |
