Demand for rental properties remained strong across Queensland during the last three months of 2012, according to the Real Estate Institute of Queensland (REIQ). Results from the REIQ December vacancy rate survey, released today, found that rates remained tight during what is historically the lowest period for rental demand annually. REIQ CEO Anton Kardash said Queensland’s rental market had been a story of more demand than supply throughout 2012.
“As the year progressed, it became apparent that the continued robust demand for rental properties was not going to ease anytime soon. 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 home buyers remaining in the rental market at the tail-end of last year.”
According to the latest Australia Bureau of Statistics (ABS) housing finance figures, the numbers of Queensland first home buyers slumped 33 per cent between October and November last year.
At 2 per cent, the REIQ figures showed that Brisbane’s vacancy rate remained well under the level of a balanced rental market at the end of December.