The rental market in Queensland’s capital city is undergoing a strong rental period, recording its lowest vacancy rate in 11 years.
According to the REIQ Rental Vacancy Report, Brisbane’s rental market has strengthened, re-entering the tight range for the first time in three quarters.
The report found that the overall vacancy rate for Brisbane currently sits at 1.6 per cent, marking the lowest level in 11 years.
Redland and Logan Cities reported the tightest vacancy rates of 1.5 per cent each.
In Moreton Bay, vacancies rose slightly over the quarter; however, the overall vacancy rate remained within the tight range at 1.7 per cent.
Ipswich City held steady from the June quarter with a healthy vacancy rate of 2.9 per cent.
The report also found that weekly median rents in the June quarter for three-bedroom houses were up 1.2 per cent year-on-year, while three-bedroom units increased by 3 per cent, the report found.
“Property managers have indicated that the Brisbane market is competitively priced as the oversupply of properties continues, particularly in terms of new developments for both the inner and outer Brisbane regions,” REIQ said.
“The Greater Brisbane market also reported its lowest vacancy rate in over a decade at 1.7 per cent, 0.7 per cent lower than previous quarter and 0.5 per cent lower than the same quarter in 2018.
“Outside of Brisbane, Cairns vacancies reached a historical record low for the region, reporting 0.9 per cent for the quarter.”
Furthermore, the report indicated increased investor activity, with a “generally stable” level of confidence amongst investors and landlords.
“Across Queensland, vacancy rates moved marginally from 2.4 per cent in the June quarter to 2.2 per cent for the September quarter, resulting in a positive outlook for investors and landlords,” REIQ said.