THROUGH THE ROOF: Warwick rental prices to skyrocket
WARWICK rental prices are set to skyrocket and tenants will soon struggle to even put a roof over their heads, according to predictions from the real estate industry.
A shrinking pool of investment properties, combined with an influx of new residents from Brisbane and other metropolitan areas, indicate the Rose City may soon run out of rentals entirely.
For First National Real Estate property manager Krista Going, the huge spike in demand for rental homes had seen up to 15 people applying for each Warwick vacancy.
“We’ll have a property become available, then literally have applications coming through that night, and we could essentially fill it the next day,” Ms Going said.
“It’s quite a mixture of people either moving to town or around town, and a really wide demographic – anyone from people first moving out of home to those looking to test the area before buying here.
“We’ll soon have such a shortage of investment homes that obviously rents are going to go through the roof, if we can’t keep meeting that demand.”
Fellow Warwick real estate agent Helen Harm said she had also seen first-hand the wave of new residents seeking a “tree-change”, with the increasing demand to make price hikes inevitable.
“There’s people coming in and snapping up the cheaper homes to flip and sell, or do up and use as a rental, and we’re also selling more to owner-occupiers as well,” Mrs Harm said.
“If you’re the owner of a property we’re renting at $270 or $280 a week, and you have six or more people wanting it, why wouldn’t you put it up to $300?
“The market is being pressured from all sides, so if it’s continuing the way it has been since Covid hit, prices are going to go up – you’re left with no alternative, and the cheaper rentals will be non-existent.”