Monday, April 21, 2014

Vacancy Rate and Rents Fall in Brisbane

Recent Press Release from REIQ:

The majority of Queensland’s rental markets have returned to tighter conditions, according to the REIQ’s latest Residential Rental Survey.

REIQ CEO Anton Kardash said the survey, carried out in March across all REIQ accredited agencies, found that the majority of the state recorded lower vacancy rates compared to three months ago.

“Queensland is seeing a return to a tighter rental market,” he said. “Stronger tenant demand and a decrease in the availability of stock are the common themes across the State.”

In Brisbane, the overall vacancy rate for the metropolitan area was back down to 2.3 per cent, as seen at the end of September last year.  Excluding the spike recorded in December, the Brisbane vacancy rate has been around the 2 to 2.3 per cent mark for over 12 months now.  As expected, the Brisbane inner city rental market returned to a healthier vacancy rate following a spike in December.  This is reportedly the result of easing asking rents to ensure vacancies are refilled quickly and also to compete with the new stock on the market. ...

Despite increased investor activity across Queensland in recent months, local agents report an increased number of sales of former investment properties to owner-occupiers, reducing the overall rental pool in some areas.

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