According to the latest report from the Real Estate Institute of Queensland (REIQ), the majority of Queensland rental markets are currently in their tightest conditions, with vacancy rates remaining "extremely low".
About 70% of vacant rental housing in the state remains below 1%, with Brisbane city center having the tightest vacancy rate at 0.5%
Over the past year, the vacancy rate has fallen to 1.1% in LGA Brisbane and 0.9% in Greater Brisbane.
“Our capital has seen rental markets across the metropolis tighten quarter over quarter over the past four consecutive reporting periods, from the Brisbane CBD to the outskirts of the city,” said Antonia Mercorella, CEO of REIQ .
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The suburbs with the tightest vacancy rates are Anstead (0.5%), Birkdale (0.3%), Capalaba (0.2%), Ferny Hill (0.3%), Gumdale (0 , 4%), Manly West (0.5%), Rothwell (0.2%), Sandgate (0.5%), Shailer Park (0.4%), Thornside (0.3%) and Wakerley (0 , 4%).
A separate Domain report showed Brisbane rents to hit record highs, with homes rising $ 15 per week in the March quarter to $ 440.
“This is the biggest annual rent increase since 2008 after three consecutive quarters of rent increases. For the first time in five years, it is now more expensive to rent a house and accommodation in Brisbane than in Melbourne, ”the estate report says.
However, regional markets reported the highest levels of rental demand. The tightest vacancy rates are found in the Maryborough (0.2%) and Southern Downs (0.3%) of the Fraser Coast.
"Meanwhile, the Gold Coast has tightened an additional 0.3% to a record high of 0.6% in the last 15 years of data records," said Mercorella.
Among the Gold Coast regions, the southern suburbs reported the lowest average vacancy rate at 0.4%, followed by the western region (0.5%) and the northern suburbs (0.7 %).
Mercorella said tight rental market conditions signal the state government to provide a solution to address the "rent crisis".
"State government says it wants to help households move from community housing to private rental market housing. In light of this, more needs to be done to better support the growing and continuing activity real estate investors in the Queensland real estate market and the contributions they make to the state economy, "she said.
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