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Hundreds of rental hopefuls scramble to find property

Tracy Bringolf from Ray White Buderim with rental applicant Jonathan Clare at an open house at Buderim. There is a huge demand for rental properties at the moment, with up to 30 applicants for a single property. Photo: Brett Wortman / Sunshine Coast Daily
Tracy Bringolf from Ray White Buderim with rental applicant Jonathan Clare at an open house at Buderim. There is a huge demand for rental properties at the moment, with up to 30 applicants for a single property. Photo: Brett Wortman / Sunshine Coast Daily Brett Wortman

RENTALS in Buderim and surrounding suburbs are in huge demand, with dozens of hopefuls applying for a single property.

Last week 30 groups of people inspected a three-bedroom family home close to local schools and the Sunshine Motorway, all of whom took applications home with them.

Real Estate Institute of Queensland Sunshine Coast zone chairman and Ray White Buderim salesperson Lloyd Edwards said the situation had been the same for several years, as more families looked to live in the educational precinct of the region.

"The number one driver is the schools," he said.

"We're close to the beach, but we're a mountain and there is a lovely sense of village.

"There are an increasing amount of families in Buderim and in growth areas like Sippy Downs and Brightwater."

Mr Edwards said the current rental vacancy rate was making the market "very tight".

"The general consensus is considered that a 4% vacancy rate is considered a fair market place," he said.

"When it drops below that, the market is weighted towards the owner as the number of applicants per property goes up.

"For at least three to four years it (the vacancy rate) has been at 2%."

Mr Edwards said the vacancy rate need not be confused with how many properties were available for rent on the market.

He said most of the rentals went before they became vacant, which meant before the lease finished they had people set up to move in.

"The vacancy rate is when a house is physically empty.

"Of our list with enquiries (at Ray White Buderim) there's 22 people looking at three possible units, and 157 people looking at a possible 14 houses."

Mr Edwards said with about 10,000 lots in Buderim, the area was at 95% development capacity, which meant there were very few areas left to grow.

Insite Realty, based in Sippy Downs, currently had no vacancies of the 600 rentals the business took care of.

Senior property manager Cheryl Howlett said although the properties were dispersed from Gympie to Bribie Island, a lot of them were in Sippy Downs.

 

 

Topics:  reiq, rental vacancies


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