Regional Queensland vacancy rates patchy: REIQ
Queensland regional areas are slowly recovering from a property market slump driven by the resources downturn.
New vacancy rate data from the REIQ reveals the regional centres throughout the state are moving slowly towards a recovery.
REIQ chief executive office Antonia Mercorella said in towns where employment rates are stronger and opportunities are greater the rental market is recovering more quickly.
“The State Government has announced a range of regional infrastructure projects in its recent budget and these will doubtless impact on the vacancy rates in the coming quarters,” she said.
Figures from REIQ show Mackay has had a third consecutive drop in vacancy rate, down 0.3 percentage points from March to 9.1%, with rental listings spending on average four weeks on the market with approximately two applicants per listing.
The vacancy rate in Townsville fell 0.6 percentage points to 5.3% at the end of June.
Bundaberg had the highest vacancy rate in 21 quarters, with the end of June figure up 0.5 percentage points to 4.6%
Rockhampton's rental market is in oversupply, with its vacancy rate at 6% at the end of June.
Toowomba's vacancy rate was marginally down 0.1 percentage points to 3.1%.
The REIQ classifies vacancy rates of 2.5% or below as tight and rates of 2.5% to 3.5% as healthy. Vacancy rates of 3.6 per cent or above is classed as a weak market.