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Central Queensland rents soar as local property markets recover

Rents in central Queensland have increased significantly in the past year, while some states are now seeing decreases in mortgagee in possession valuation rates.

Rents in central Queensland have seen a significant surge in the past year, as the property market shows signs of significant improvement in states such as New South Wales, the Australian Capital Territory and Western Australia.

The latest Midwood Queensland Investment Report shows that one-bedroom flats in the area of Gladstone have seen a 36 per cent increase in rents in the 12 months to the June quarter of 2012, with a 40 per cent increase in two-bedroom properties.

For larger houses, the nearby area of Emerald saw the highest rate increases, with three-bedroom houses going up by 44 per cent and four-bedroom houses by 55 per cent over the same period.

Elsewhere, new statistics released by Herron Todd White show that residential property markets are starting to improve across the country, with mortgagee in possession valuation rates decreasing by 75 per cent in the Australian Capital Territory compared to last year.

Mortgagee in possession valuation rates also fell by 11 per cent in Western Australia and four per cent in New South Wales.

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