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Rental market bouncing back

Rental market bouncing back

by Staff Reporter 0 comments

Fresh data has revealed good news for one state's property managers and landlords.

According to the Real Estate Institute of Queensland, the state’s regional rental sector is slowly improving, while the southeast corner continues to power on.

“The data, as at the end of March 2015, reveals good news for investors and for the broader property sector across the Gold Coast, the Sunshine Coast and Brisbane City, as well as the regional towns of Gladstone, Rockhampton and Mackay,” the institute said.

REIQ chief executive Antonia Mercorella said the Gold Coast and Sunshine Coast have the lowest vacancy rates in Queensland.

“The Gold Coast has recorded its lowest vacancy rate in seven years – just 1.3 per cent of the market’s rental properties are vacant,” Ms Mercorella said.

“This is a strong indicator that other sectors of the economy may be rebounding, so we are buoyed by this news.”

The Sunshine Coast recorded a slight increase in its vacancy rate to 1.9 per cent, which was up by 0.8 per cent.

Brisbane City’s vacancy rate dropped almost 0.5 per cent, from 2.9 per cent to about 2.5 per cent.

The REIQ data also revealed positive results for traditional mining towns.

Gladstone leads the way with its fifth consecutive drop in vacancy rates since peaking at 7.7 per cent at the end of 2013. It is now sitting at 3.8 per cent.

“Looking at the figures for Mackay, Rockhampton and Gladstone, it is too soon to call this other than what it is – a glimmer of hope that a turnaround is imminent,” Ms Mercorella said.

[Related: State’s star performers identified]

 

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