Redcliffe in Moreton Bay was the tightest market in Greater Brisbane, reporting vacancies of 1.2 per cent.
Brisbane LGA vacancies tightened from 3.1 per cent in March to 2.3 per cent in June. Inner Brisbane remained operating within the healthy range. However, Brisbane middle-ring vacancies reduced to 2.1 per cent, moving into the tight range.
Meanwhile vacancy rates in Sydney have hit a 13-year high according to a SQM Research report published on news.com.au.
This is making Brisbane an emerging hotspot for investors fleeing the Sydney market.
And it’s not just investors looking north, as interstate migration also picks up in line with the improving local job market.
“Affordability is quite good, vacancy rates in our view have peaked and there are more renters coming from Sydney, which is showing up in the interstate migration data,” said SQM Research managing director Louis Christopher.