Abundance of rental properties
IF you are hunting for property to rent in Warwick, figures show you won't have to look for long.
Warwick Real Estate principal Neil Carney said employment conditions have affected Warwick's property market, producing what is called a ‘rental vacancy'.
He said changes to local business operations had reduced the number of tenants looking for rental properties in the area.
Mr Carney said the change to the rental market had been in effect for nine months.
“It's a vacancy factor we haven't seen for a long time,” he said.
“Previously it was very hard to get rentals and now there's a range of property available.
“Historically there were between 0.5% and 1% of rentals vacant but over the past nine months it has increased to 3% to 5%.”
These figures, however, are roughly in line with the state average of 3%.
Mr Carney said it was difficult to speculate as to whether the number of rentals would drop back to their former levels over time.
“I think for a while the vacancy will stay like it is. (For it to change) we really need another major employer to come to town, or an existing employer to take on more staff,” he said.
“The arrival of industries such as Grove Juice company will make a difference.
“It's because we're such a small place that little things do have an effect on our housing market.”
However, the Warwick property market is still attracting metropolitan dwellers, and among them many retirees.
“Here you can actually drive your car and not have to worry about major traffic problems. It's quiet and we don't have a significant crime rate, and that's appealing to those buyers,” Mr Carney said.
“We had a lot (of city buyers) in the boom years, where people were happy to sell their home at the Gold Coast or Brisbane and buy something in Warwick for half price.
“That trend has slowed down since then but there are still people investing here.”
Helen Harm Real Estate owner Helen Harm said Warwick's property market was “quite lucrative”.
“Prices have come back a bit since the floods but that was only fractionally and they have been on a plateau for some time now,” she said.
“But we've got the quality here and we're still selling well.”
Mrs Harm agreed there was strong interest in Warwick properties from outside buyers.
“It's because you get a good return on your investment. In the cities and the coast you can buy a property and if times are good, it will appreciate fairly quickly,” she said.
“In Warwick your capital growth is a lot slower but a lot more stable.”