The Real Estate Institute of Queensland has released the new vacancy rate data which shows Brisbane and the southeast corner of the state remain steady with healthy-to-tight vacancy rates across all markets, while regional centres are moving slowly towards a recovery.
REIQ CEO Antonia Mercorella has said “Despite a strong level of supply coming through this year with apartments under construction in the inner ring, we can see that the vacancy rate is 3.0 per cent, and that rate drops to 2.4 per cent in the middle ring of 5km – 20km radius,”said Mercorella. “This information suggests that demand for rental accommodation is keeping pace with supply.”
The REIQ classifies vacancy rates of 2.5 per cent or below as tight and rates of 2.5 per cent to 3.5 per cent as healthy. Vacancy rates of 3.6 per cent or above is classified as a weak market.
Moreton Bay registered a vacancy rate of 1.4 per cent, up from 1.3 per cent the previous quarter. Caboolture has registered the lowest vacancy rate in the state at just 1.0 per cent. REIQ Caboolture Zone Chair Robyn Lachmund said this reflects a very tight market and Caboolture needs more rental accommodation and more seasonal worker accommodation.
The Sunshine Coast dipped from 1.9 per cent to 1.5 per cent, reflecting tight conditions, largely due to seasonal workers and relocations from Brisbane.
Mercorella said the Queens Wharf redevelopment will be positive for the property market. “Brisbane is taking its place on the world stage as a modern, sophisticated new world city and this will benefit everyone involved with property,” she said.
Mercorella said regional Queensland continued to struggle following the end of the mining boom, but some of the hardest hit were entering a stabilisation phase.