{"id":349469,"date":"2024-06-18T20:58:31","date_gmt":"2024-06-18T10:58:31","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=349469"},"modified":"2024-06-18T21:01:14","modified_gmt":"2024-06-18T11:01:14","slug":"local-rental-costs-skyrocket","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2024\/06\/18\/local-rental-costs-skyrocket\/","title":{"rendered":"Local Rental Costs Skyrocket"},"content":{"rendered":"
\"\"<\/a>
Rental rates in Kingaroy and Nanango skyrocketed by more than 17 per cent in 2003, according to a recent study by real estate industry analysts CoreLogic<\/figcaption><\/figure>\n

June 18, 2024<\/strong><\/p>\n

Kingaroy and Nanango recorded some of the highest rises in weekly rents last year, according to a report from real estate analysts CoreLogic.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/strong><\/p>\n

South Burnett Mayor Kathy Duff said she thought the high figures were partly due to a shortage of rental properties.<\/p>\n

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.<\/p>\n

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.<\/strong><\/p>\n

She said in previous years a number of owners who had been unable to sell their properties had converted them to rentals.<\/p>\n

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.<\/p>\n

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.<\/p>\n

These workers needed accommodation, and this had introduced more competition for rentals into the market which reduced supply and pushed up rents.<\/p>\n

\"\"
CoreLogic’s list of the highest growth in Australian regional rental rates in 2023 (Graphic: CoreLogic.comn.au)<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Kingaroy and Nanango recorded some of the highest rises in weekly rents last year, according to a CoreLogic report.<\/p>\n","protected":false},"author":3,"featured_media":311481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3],"tags":[],"yoast_head":"\nLocal Rental Costs Skyrocket - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"Kingaroy and Nanango recorded some of the highest rises in weekly rents last year, according to a report from real estate analysts CoreLogic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2024\/06\/18\/local-rental-costs-skyrocket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local Rental Costs Skyrocket - southburnett.com.au\" \/>\n<meta property=\"og:description\" content=\"Kingaroy and Nanango recorded some of the highest rises in weekly rents last year, according to a report from real estate analysts CoreLogic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southburnett.com.au\/news2\/2024\/06\/18\/local-rental-costs-skyrocket\/\" \/>\n<meta property=\"og:site_name\" content=\"southburnett.com.au\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-18T10:58:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-18T11:01:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2021\/12\/20211216forrent.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"740\" \/>\n\t<meta property=\"og:image:height\" content=\"460\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dafyd Martindale\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dafyd Martindale\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southburnett.com.au\/news2\/2024\/06\/18\/local-rental-costs-skyrocket\/\",\"url\":\"https:\/\/southburnett.com.au\/news2\/2024\/06\/18\/local-rental-costs-skyrocket\/\",\"name\":\"Local Rental Costs Skyrocket - 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