Property experts across Queensland say the coronavirus pandemic has created a “perfect storm” for the state’s rental market, with less than 1 per cent of rental properties available in some regions and real estate agents flooded with demand.
Demand is so high on the Sunshine Coast that it’s almost impossible to find a rental available. Ray White Bli Bli’s Senior Property Manager Gayle Pinkerton said “Ray White Bli Bli, has had had a zero per cent rental property vacancy rate in August. We’re coming across so many people wanting to move into the area with nothing available,” she said.
Prospective tenants are calling and popping into the office daily, but unfortunately there’s nothing for them.
“Currently we’re renting properties before they get a chance to hit the market, as we’ve got many tenants on our waiting list who are already pre-approved.”
REIQ Chief Executive Antonia Mercorella said the pandemic had underlined how crucial housing was to society.
“Although we are in the grips of a global pandemic, housing is essential for all of us [because] at the end of the day, we need shelter over our heads,” Ms Mercorella said.
Gayle said many renters had moved to the Coast since the COVID-19 pandemic onset to find a safe haven for the virus, which could have affected the number of properties available.
Average weekly rents on listings have reached the $490 mark, reflecting a 4.55% increase in returns based on the current median price in BLI BLI.
Ray White Bli Bli Principal, Ed Hackenberg said, “I have not seen vacancy rates as low as these in my time at Ray White Bli Bli”. Ed also commented, “It has not just been on the residential front that we have experienced high occupancy rates, our Commercial arm at the Bli Bli Village Town Centre can also report 100% occupancy rate with recent new tenancies. Bli Bli’s Rivermarkets will soon be full within the coming weeks also.”