- Stable Yet Concerning Vacancy Rates
- The first quarter of 2024 revealed relatively stable yet dangerously low vacancy rates in Queensland, posing significant challenges for renters seeking homes.
- Critical Rental Availability
- The Real Estate Institute of Queensland (REIQ) Residential Vacancy Report for March 2024 highlights a critical shortage of rental availability across the state.
- Local Government Area Insights
- Of the 50 local government areas and sub-regions covered, vacancy rates decreased in 22 areas, remained stable in 10, and increased in 18, compared to the previous quarter.
- Minimal Changes in Vacancy Rates
- Most changes were modest, with a 0.2% shift up or down, indicating no significant difference in rental availability.
- Healthy Vacancy Rate Only in Mount Isa
- Mount Isa was the only area with a “healthy” vacancy rate of 3.4%, as classified by REIQ’s range of 2.6% to 3.5%.
- Extremely Tight Rental Markets
- Over half of the regions reported vacancy rates at 1% or below, with the state average at an astonishingly tight 0.9%.
- Lowest Vacancy Rates
- Goondiwindi (0%), Charters Towers (0.1%), and Cook (0.1%) had the lowest vacancy rates, highlighting the severe shortage of available rentals.
- REIQ’s Perspective on the Market
- REIQ CEO Antonia Mercorella commented, “While the data suggests that vacancy rates are relatively stable, our rental market is in no healthy state, and it would be a long road to recovery.”
- The Reality for Renters
- “Another quarter and it’s sadly the same old story of seriously scant rental availability right across Queensland,” Ms. Mercorella stated, emphasising the ongoing struggles renters face.
- Government Support and Long-Term Solutions Needed
- “This is where we need to see Government support step up in the form of social housing and rental assistance to keep the most vulnerable people in our communities housed,” urged Ms. Mercorella.
- Build-to-Rent Initiatives and Private Investmen
- “While build-to-rent initiatives could be an important piece of the puzzle to boosting supply, the rental market will still heavily rely on everyday citizen investors choosing to rent out their properties,” Ms. Mercorella explained.
- Regional Vacancy Rate Highlights
- Goondiwindi had virtually no rentals (0%), while other tight markets included Charters Towers (0.1%) and Cook (0.1%). Mount Isa offered the most options (3.4%).
- Greater Brisbane’s Consistency
- Greater Brisbane’s vacancy rate matched the state at 0.9%, with slight variations across different areas.
- Tourism Markets’ Stability
- Tourism markets like the Gold Coast (1.0%) and Sunshine Coast (0.7%) remained stable, with minor changes.
- Fast Facts for March Quarter 2024
- Queensland Vacancy Rate: 0.9%
- Tightest Vacancy Rates: 0% in Goondiwindi
- Highest Vacancy Rates: 5.1% in Redland’s Bay Islands
- Biggest Falls: -0.6% in Bay Islands
- Biggest Rises: +0.7% in Mount Isa
- REIQ’s Market Classifications
- Rental markets are classified as tight (0 – 2.5%), healthy (2.6 – 3.5%), or weak (3.6% and above).
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