June 18, 2024
Kingaroy and Nanango recorded some of the highest rises in weekly rents last year, according to a report from real estate analysts CoreLogic.
In a national survey of rental rates, CoreLogic ranked Kingaroy as having the eighth strongest growth in Australia’s regional areas in 2023, with average rents skyrocketing 17.8 per cent to $501 per week.
And Nanango wasn’t far off, coming in at ninth place after chalking up a 17.6 per cent rise to an average $441 per week.
While both towns were well below the 23.5 per cent rental price growth seen in Boynton, Western Australia ($1291 per week) or Moranbah’s 20.5 per cent ($608 per week), the figures indicate the South Burnett’s two biggest towns were also the most expensive for renters.
South Burnett Mayor Kathy Duff said she thought the high figures were partly due to a shortage of rental properties.
She said she was concerned that both factors – high rents and fewer rental properties – were contributing to the region’s homelessness crisis, as well as putting unnecessary strain on renters who have to find a new rental.
Cr Jane Erkens said she had seen a substantial reduction in rental properties through her Nanango Real Estate agency over the past few years, but this was due to rising property prices more than any other factor.
She said in previous years a number of owners who had been unable to sell their properties had converted them to rentals.
However, when the market improved they had put them on sale again and the new owners – who wanted to live in the houses – had taken the property out of the rental pool.
Cr Erkens said she thought another factor which may be contributing to the rental shortage were some employers bringing in workers to fill local workforce vacancies.
These workers needed accommodation, and this had introduced more competition for rentals into the market which reduced supply and pushed up rents.
