According to REIQ, a vacancy rate of three per cent is considered to be the equilibrium point of supply and demand.
REIQ CEO Anton Kardash said vacancy rates were continuing to trend into undersupply territory as investor activity slowly swings back into life.
"The rental market across Queensland has been constricted for more than two years now,’’ Mr Kardash said. "The reasons for this have been the low numbers of investors in the marketplace as well as the generally slow property sales market over the period. With the reduction in the numbers of properties being added to the rental pool, we are seeing more demand for a much smaller supply of properties."
The survey found the vacancy rate for Brisbane at the end of September was 1.7 per cent - down from 2.1 per cent three months before. Inner Brisbane’s vacancy rate was 1.5 per cent – down from 1.6 per cent. Property managers from REIQ accredited agencies said that market activity was slower over the period as was the case historically. Interest was also highest for new properties.