Price-to-rent ratio tops nation
TENANTS in Blackwater, Moranbah pay relatively more rent than the rest of the country.
The Corelogic Top Rental Performers Report, using data from July, listed Blackwater as the suburb in Australia where renters pay the most relative to the value of their homes. Moranbah placed ninth. Queensland suburbs filled 42 of the 100 spots.
The research found the median value of a house in Blackwater was just over $122,000 and the rental yield was typically 11.7 per cent.
Emerald and Blackwater Real Estate principal Jason Campbell manages 350 properties in Blackwater. He said a typical rental yield in regional Queensland was 5 to 7 per cent of a house’s value, but that Blackwater’s unusual case was simply an economic matter.
“Demand is quite high and vacancy rates are low. It’s a supply and demand issue on the rental side of things.
“We’ve had people moving to Blackwater because it’s affordable to buy a property and there’s extra demand on rentals due to employment opportunities.
“It makes it difficult as rents go up for people who aren’t working. The town certainly has a strong employment base, but it does put pressure on the lower socio-economic side of things.”
Cath Smith rents in Blackwater – not with Blackwater Real Estate – having moved from Brisbane nearly four years ago to be with her family.
She said prices were consistently increasing and it was nearly all she could afford.
“Every six months rent goes up 10 bucks,” she said.
“If it keeps going up, we’ll have to move. What leg have we got to stand on? We either take it or leave it.”
But there are no guarantees for landlords either.
One who wished to remain anonymous said her Blackwater house is empty despite offering a price below the going rate.
“We always put a good price on our home,” she said. “It’s in a really great area.
“But tenants in the past don’t seem to care about the property, as it’s not theirs.
“Some were worse with just not paying rent.
“It’s very hard to find good tenants.”