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Rental real estate in Rockhampton still in demand

By David Bell

Demand for rental real estate in Rockhampton continues to remain strong as the vacancy rate sits below the level that would be considered balanced.

Data from the Real Estate Institute of Queensland (REIQ) has found that the Rockhampton regional area sat on a rate of 2.7 per cent in the December quarter – below the three per cent which is the ideal percentage.

The REIQ also discovered that for the three months to December, demand for rentals was high during a period of historically low interest which has been attributed to the holiday period.

REIQ chief executive Anton Kardash said demand had outstretched supply for most of 2012 and it seems that trend is set to continue.

He explained: "While sales in the property market did begin to improve in the second half of last year, the removal of the First Home Owners Grant in mid-October resulted in a large number of would-be homebuyers remaining in the rental market at the tail-end of last year."

There was a 33 per cent drop in the amount of first home buyers entering the market in October and November, according to Australian Bureau of Statistics.

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