It was always going to take some time to absorb the glut, and new data is suggesting that journey is continuing in the right direction.
Three suburbs formerly cursed with the oversupply tag have seen rental vacancies tighten recently, reports Property Observer.
On the north side, Chermside has seen vacancy rates drop to 2.2 per cent. Nundah’s urban village vibe continues to draw the crowds with a rental vacancy rate of just 1.6 per cent.
Across the river, Bulimba has seen vacancies drop to 2.8 per cent.
The REIQ considers a healthy vacancy rate to be in the range of 2.5 to 3.5 per cent, where demand and supply are well matched.
Property Observer notes that West End and Fortitude Valley are still “chewing through their glut”.
But New Farm, Hamilton and Teneriffe have seen their rental vacancies drop to the lowest levels since 2013.
So are Brisbane’s unit woes over? Not just yet. But it seems we’re steadily chewing through the leftovers without throwing more dishes on the buffet.
Construction of new units has eased and development approval of new units is trending back to historic averages.
We’re also getting some help from our friends interstate with migration to Queensland at its highest level in 13 years.