Brisbane patchy, as REIQ reports the increasing tightness of rental markets

The Queensland rental market has tightened over the year to June 2018.

 

The latest quarter reported 24 tight markets, up from 19 tight markets in the March quarter according to the latest report from REIQ.

 

Brisbane LGA ’s rental market moved from the healthy range, with vacancies of 3.1 per cent in March, to the tight range, with 2.3 per cent in June 2018. 

However, this market is being described by local agents as patchy, with tenants favouring certain pockets over others.

The rental markets in Greater Brisbane, including the outer Brisbane regions of Ipswich, Logan, Moreton Bay and Redland, are tight with vacancies in the range of 1.2 per cent to 2.5 per cent.

The historically tight markets of the Sunshine and Gold coasts have loosened this quarter, however, they have for the most part remained within the tight range.

The Fraser Coast rental market tightened more than 1 percentage point, from 1.9 per cent to 0.8 per cent. 

Regional Queensland continued strengthening this quarter, with Toowoomba, Mackay, Bundaberg, and Rockhampton operating within the tight or healthy range.

 

Greater Brisbane’s vacancy rates tightened to 2.2 per cent, sitting within the tight range for the first time in nearly three years.

The tightest of all markets in Queensland is South Burnett, where vacancies were recorded at 0.5 per cent.

 

The tightest major centre rental market is Maryborough, with 0.7 per cent vacancy rate (a tightening of 1.8 per cent) from 2.5 per cent in the March quarter.

 

Cassowary Coast is the weakest rental market in Queensland. This market is historically weak but 5.9 per cent is an improvement on recent levels which included 11.5 per cent in December 2017.

 

The second weakest major centre market is Townsville at 4 per cent vacancy rate however in March 2017 the Townsville vacancy rate was 6.2 per cent.