South Burnett’s rental market: A snapshot of recent changes
The South Burnett rental market is experiencing a slowdown in growth amid broader national trends, yet areas like Kingaroy and Nanango still grapple with high demand and limited supply.
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The South Burnett region is seeing big changes in its rental market, following national trends of slower rent growth and shifting rental patterns, but low vacancy rates are still putting pressure on the market.
As of September 17, 2024, the rental landscape in the South Burnett reveals a mixed picture.
According to realestate.com.au, Kingaroy currently has 14 rental properties available, with a median rent of $450 per week, reflecting a 7.1 per cent increase over the past 12 months.
In Nanango, three rental properties are listed (two in Nanango and one in South Nanango), with a median rent of $395 per week, showing a 9.7 per cent rise.
Wondai has seen the most substantial increase, with a median rent of $382 per week, representing a 19.5 per cent rise over the past year. In contrast, Murgon, with just one rental property available, has a median rent of $337 per week, marking a more modest 3.8 per cent increase over the past year.
Nationally, rent price growth has slowed significantly. The CoreLogic hedonic rent index remained unchanged for the second consecutive month in August 2024, with a national rent increase of 7.2 per cent over the year, the slowest rate since May 2021.
The slowdown is attributed to several factors, including a decrease in net overseas migration and international student arrivals.
Additionally, the rise in average household size suggests that share housing might be on the rebound.
Locally, the rental market remains challenging.
A June 2024 report from CoreLogic noted Kingaroy and Nanango as having some of the highest rental increases in Australia’s regional areas last year, with average rents rising by 17.8 per cent and 17.6 per cent, respectively.
Member for Nanango Deb Frecklington highlighted the severity of the local housing crisis, noting alarmingly low vacancy rates: 0.9 per cent in Kingaroy, 0.6 per cent in Nanango, and just 0.1 per cent in Murgon.
She has called for significant reforms, including a plan to boost home ownership and expand the supply of social housing, to address the pressing issues in the region.
“Addressing the housing crisis in our region will also have flow-on effects for other issues, such as the doctor shortage in the South Burnett,” Ms Frecklington said.
“With better access to housing, it will make a huge difference as we work to attract GP’s and other specialists to live and practice locally.” she said.
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