Gympie, Fraser Coast and Bundaberg reach lowest vacancy rates seen in a decade

Renters across the Wide Bay are staring down the business end of the tightest rental market in a decade, new data has revealed. Two towns are among the worst affected in the state. See the data:

The Wide Bay is experiencing the tightest rental market in a decade with Maryborough and Gympie among the worst affected, new data has revealed.

According to the Real Estate Institute of Queensland (REIQ), Gympie, Bundaberg and the Fraser Coast have reached equal record lows since March 2011.

An REIQ spokesperson said this meant the data showed rates were as “tight as they have ever been”.

They classified the rental market into three categories: tight, healthy, and weak; but across the Wide Bay, all regions were classed as having “tight” rental markets.

In Gympie, the vacancy rate reached 0.2 per cent, which was on par with statistics from September, 2021.

Gympie (pictured here along with suburb Southside and dissected by the Mary River) was among the worst affected LGA’s with a rental vacancy rate 0f 0.2 per cent.

Maryborough’s vacancy rate reached 0.2 per cent, which mirrored rates from September 2020 to March 2021.

Bundaberg’s vacancy rate has not changed since June 2021 at 0.4 per cent, which was level with rates from September to December in 2020.

The Fraser Coast and Hervey Bay recorded the highest vacancy rate in the Wide Bay, with 0.5 per cent and 0.8 per cent, respectively.

These statistics were level with rates from September 2019 for Hervey Bay, and September 2021 for the Fraser Coast.

REIQ CEO Antonia Mercorella said in a statement 36 per cent of the Queensland population were renters, and the regional rental market was “gradually tightening” thanks to a number of factors including interstate migration.

An aerial shot of One Mile School at the peak of the flood on Sunday, February 27, 2022 taken by Infinity Flights Photography.

“Yet another factor that’s added to the squeeze on rental stock during this quarter is the February flooding disaster displacing people from their homes,” she said.

She noted an increasingly shrinking rental pool was also to blame, with investment properties being pulled from the market and investors selling to buyers who would occupy the property rather than rent it out.

“With the second stage of rental reforms looming, the last thing we need right now in the midst of a rental crisis, is legislative reform which undermines investor confidence,” she said.

“We can’t afford to reduce the appeal of investing in Queensland. That’s why we’ll continue to advocate for fair and balanced legislation that maintains a level playing field for both investors and tenants.”

Maryborough and Gympie placed among the second tightest vacancy rates in the state, below the Tablelands and Southern Downs with a vacancy rate of 0.1 per cent.

Originally published as Gympie, Fraser Coast and Bundaberg reach lowest vacancy rates seen in a decade