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Queensland vacancy rates drop

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Queensland vacancy rates have recently tightened, according to the latest Real Estate Institute of Queensland (REIQ) survey.

The REIQ’s September residential rental survey found that a low number of investors in the Queensland property market caused a strain on supply between June and September this year.

REIQ managing director Dan Molloy said: “The recent interest rate cut, as well as soft property prices, are likely to make investment property a more attractive proposition for investors so we will hopefully see more activity from this type of buyer in coming months.

“Many renters are also opting to stay put, perhaps due to the ongoing economic uncertainty, which is also [having] an impact on supply.”

Vacancy rates were recorded at less than 2 per cent in five local government areas.

Tourism centres including the Gold, Sunshine and Fraser coasts, are experiencing an oversupply.

In the outer suburbs there was a small increase in supply due to new developments and renovated flood-affected properties becoming available to rent.

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