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Landlords in the Sunshine State will be pleased to hear the rental market has strengthened.
The capital has re-entered the tight range for the first time in three quarters, and it has recorded its lowest vacancy rate in 11 years, the REIQ’s Rental Vacancy Report revealed.
Rents have also improved, with the weekly median rent for a three-bedroom house up by 1.2 per cent year-on-year, and three-bedroom units have increased by 3 per cent.
The report highlights how property managers have indicted the Brisbane market is competitively priced as the oversupply of properties continues.
Further up the coast, Cairns vacancy rates are at a record low, at 0.9 of a percentage point for the quarter. This has been linked to an increase in investor activity and a stable level of confidence from investors and landlords.
There is also good news for investors in regional Queensland. Toowoomba has recorded its lowest vacancy rate since March 2013.
Townsville is in a slightly better shape than it was a year ago. Although its market has weakened and floods impacted it in February, its vacancy rate is at 3.2 per cent, down from 3.9 per cent the same time last year.
However, the sun is not as bright for investors in Rockhampton, where vacancies are at a high of 3.6 per cent, up by 1.3 per cent over the quarter.
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