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Brisbane’s residential vacancies above national average

By James Brown

Knowing there is going to be enough demand to keep your rental property in Bellmere occupied is crucial, which is why investors might be turning their attention towards Brisbane's outer suburbs at the moment. 

June data from SQM Research shows that not only have rental vacancies in the city increased month on month, but they are now higher than the national average. Over the course of June, 2.5 per cent of properties in Queensland capital were without tenants, up 0.1 per cent from May levels.

Meanwhile, the national vacancy rate stood at 2.4 per cent, making Brisbane one of only three cities to have exceeded this result.

Managing director of SQM Research Louis Christopher said: "Overall vacancy rates were steady over the month of June.

"The level of vacancy rates (at 2.4 per cent) is marginally favouring tenants. Further evidence of this opinion is that SQM asking rents index effectively remained flat for the month."

Results from the index showed that the cost of renting houses in the city increased 1.7 per cent from a year earlier during the week ending 12 July. Unit rental costs, on the other hand, were up 1.1 per cent over the 12-month period.

The Australian Bureau of Statistics recently released its latest Residential Property Price Index (RPPI), which pointed to a rise in real estate prices throughout the Queensland capital. The Brisbane RPPI was up 0.4 per cent during the March quarter, making it lower than the eight-city weighted average of 1.6 per cent.

Despite falls in two of the nation's capitals – Darwin and Perth – the total value of Australia's residential dwellings increased to reach $5.5trillion. It's estimated that there are currently 9.5million homes across the country.

For help investing in rental property in Bellmere, make sure you get in touch with the team at Ray White Caboolture.

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