Regional Queensland hubs in particular are seeing vacancy rates below 1 per cent. While Brisbane’s outer regions and Moreton Bay are below 2 per cent.
Inner city Brisbane is sporting a vacancy rate of 3.9 per cent having ridden out a surplus of rental stock only to be hit disproportionately hard with tough COVID conditions.
Overall REIQ CEO Antonia Mercorella says the state is seeing an interesting shift whereby rental housing is becoming a lifelong option for some people – rather than a temporary gig on the way to home ownershiop.
“…our rental market has changed from its historical role as a transitional housing sector for people moving into home ownership or social housing to a long-term housing sector for a significant number of Queensland households,” Ms Mercorella says.
“It’s for these reasons rental vacancies can actually act as a barometer that measures the health of our property market.”
The REIQ classes rental markets into three categories: weak, healthy, and tight. These rental markets are classified according to their vacancy rates: 0-2.5% = tight; 2.5-3.5% = healthy; and, 3.5% and above = weak.
Check out how Brissie’s regions are looking in the latest quarterly REIQ data:
- Moreton Bay 1.4%
- Redland City 1.3%
- Outer Brisbane 1.7%
- Ipswich 1.9%
- Logan 2.2%
- Inner Brisbane 3.9%
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