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The December quarter saw the Queensland rental market stabilise, with vacancy rates returning to normal after an unusual September quarter.
REIQ CEO Antonia Mercorella says supply and demand in the rental market is fairly evenly matched in the southeast corner.
“The vacancy rate in inner Brisbane has fallen to 3.6 per cent, which is very close to the healthy range and this is good news for both landlords and tenants,” Ms Mercorella said.
“When vacancy rates are within the healthy range, it means landlords can secure tenants comfortably and it also means tenants have the opportunity to secure appropriate and suitable rental accommodation.”
Brisbane City rates have remained in a healthy range, 2.5 per cent to 3.5 per cent, since December 2013, with the September 2016 quarter being the exception.
A similar scenario is seen in Greater Brisbane where rates have stayed within a healthy range for the past five quarters, currently sitting at 3 per cent.
The tightest market for rentals is the Maroochy Coast, where rates are currently at 1.1 per cent, alongside Noosa at 1.4 per cent.
These markets indicate that 2017 should be a good year, with improving the conditions across the state.
“The state government is focusing its jobs-creation programs on centres such as Gladstone, Rockhampton, Mackay and Townsville,” Ms Mercorella said.
“Also, it is well-known that jobs and rental markets go hand in hand. When workers are made redundant, they are often forced to leave town to search for work elsewhere and we are seeing many move to southeast Queensland.
“A boost to employment figures will benefit the state’s housing market enormously. We have seen this at the Sunshine Coast, where the unemployment rate of 4.7 per cent (for September) sits well below state and national levels and it’s no coincidence that the vacancy rates on the Sunshine Coast are the lowest in Queensland.”
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