Queensland rental market tightens
The Queensland rental market tightened at a quicker pace in the September quarter, new research has found.
According to REIQ’s Quarterly Market Monitor, the state’s rental market tightened between June and September in comparison to the corresponding period last year, which it says indicates that demand for rental accommodation continues to remain high.
REIQ found that Brisbane LGA’s vacancy rate tightened to 1.6 per cent. This marked the lowest rate for the region in over a decade and “enters the tight range (less than 2.5 per cent) for the first time since September quarter 2018”.
“The Greater Brisbane market also recorded its lowest vacancy rate in over a decade at 1.7 per cent, placing it well within the tight range, while Ipswich and Moreton Bay-Redcliffe were the only areas to have fell within the healthy rage at 2.9 per cent and 2.8 per cent, respectively,” REIQ said.
“In the coastal markets, Gold Coast remained in the healthy range with a vacancy rate of 3 per cent, while Sunshine Coast SD and Sunshine Coast LGA both moved in to the healthy range with new figures at 2.6 per cent and 3.3 per cent, respectively.
“All other coastal markets remained in the tight range except for Noosa, which experienced a sharp increase to 4.4 per cent, placing the region within the weak range for the first time since March quarter 2017.”
Elsewhere, REIQ highlighted Gympie as being the tightest rental market for the September 2019 quarter, reporting a vacancy rate of 0.3 per cent.
The highest vacancy rate for the quarter was recorded at 6.8 per cent for the Cassowary Coast, it added.
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