The industry rushing to rent in the Whitsundays
THERE has been an interesting trend in rental tenants across the region over the past few weeks according to the principal of Ray White Whitsunday.
Despite the pandemic wreaking havoc on several industries in the region, Ray White Whitsunday reported they were still receiving "a lot" of rental applications, 25 per cent of which came from those in the mining sector.
Principal of Ray White Whitsundays Mark Beale said this was due to good value in property prices across the region.
"We did some research six months ago and the percentage of mining tenants was about 10 to 15 per cent, so it's gone up a lot," he said.
"There's a lot of people moving from Mackay to here because they're getting good value for money as some of the rental prices have dropped."
Just under one fifth of rental applications received by Ray White Whitsunday came from people who had lost their jobs due to COVID-19 while 16 per cent came from people working in trade and construction.
Mr Beale said Ray White Whitsundays had continued to work with tenants struggling to pay rent because of coronavirus-related job losses.
However, it was not all bad news on the real estate front as Mr Beale said now was a good time for people to look at purchasing units.
"There's some opportunities for people who have high cash flow, they can buy these units for really cheap now," he said.
"If you can afford council rates and body corporate there should be some long-term capital growth in that.
"If you've got good cash flow, now's the time to be buying."
Housing prices in the region have also remained "steady" and Mr Beale said he expected them to stay this way over the coming weeks.
"It appears that there are still buyers prepared to pay market value and so they should," he said.
"We haven't really seen (a price decrease) yet. We might down the track, but for certain properties they're always going to be popular and, I don't know, if they'll drop at all, I think they'll continue to remain steady."