Friday, October 31, 2014

Brisbane rental market

From an REIQ press release that was issued today:

Rental markets remain tight in southeast Queensland and the state’s major tourism centres according to the latest REIQ Residential Rental Survey, conducted at the end of September.

REIQ CEO Antonia Mercorella said the survey showed vacancy rates remained relatively steady across most parts of the state, with improvements in some key regional markets.  Ms Mercorella said only four of the 16 major regions in Queensland recorded a significant change in vacancy rates, with something of a two-tier affect still evident in the State’s rental market.

Ms Mercorella said at the end of September, the Brisbane City local government area (LGA) recorded a vacancy rate of 2.3 per cent, relatively unchanged since the end of June.

“Brisbane’s middle to outer suburbs – those 5-to-20km from the CBD - recorded a slight easing in vacancy levels, up 0.2 percentage points to two per cent at the end of September.  The city’s inner suburbs, on the other hand, recorded a vacancy level of 2.9 per cent, down from 3.4 per cent at the end of June.  Median weekly rents from the Residential Tenancy Authority (RTA) for the September quarter show relatively steady rents across the Brisbane City LGA.”

Ms Mercorella said Queensland’s tourism centres continued to record tight rental conditions.

“On the Sunshine Coast, the vacancy rate is at one per cent, the lowest of any major region in the state,” she said.  “Population growth and a lack of investor activity are contributing to these tight conditions, particularly in hinterland areas where agents are struggling to find enough rental properties to meet demand.

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