Queensland rental market tightens
Economic conditions are favouring Queensland homeowners with the latest vacancy rate figures revealing the rental market remains tight across the state.
Recent data from the Real Estate Institute of Queensland (REIQ) showed most major regions of the state recorded residential vacancy rates of 2.5 per cent - indicating strong demand in rental properties.
A vacancy rate of three per cent is considered a healthy level for capital cities.
While the latest figures means challenging times for renters across the state, property owners leasing dwellings in Queensland can expect to see a spike in demand, which may mean higher returns.
REIQ chief executive Anton Kardash said the Queensland rental market had been constricted for about two years.
He explained: "The reasons for this have been the low numbers of investors in the marketplace as well as the generally slow property sales market over the period.
"With the reduction in the numbers of properties being added to the rental pool, we are seeing more demand for a much smaller supply of properties."
Brisbane vacancy rates plummeted in the three months to September from 2.1 per cent to 1.7 per cent.
In comparison, Brisbane's outer regions including Ipswich, Moreton Bay, Redland City and Logan, posted a vacancy rate of 2.2 per cent, down from 2.7 per cent during the same three month period.