Rental properties in demand in major Queensland regions
Rental properties across Queensland are showing varied vacancy rates, according to a statement from the Real Estate Institute of Queensland (REIV).
Most major regions throughout the state showed vacancy rates of 2.5 per cent or less at the end of March. The generally accepted vacancy rate for a good state of equilibrium between supply and demand is three per cent.
This means that finding a rental property in the state is currently a little more difficult than should be expected.
REIQ chief executive officer Anton Kardash said that first time buyers were helping to drive up the demand for rental properties.
"Part of the reason why the market is certainly a case of more demand than supply is that first home buyers are largely remaining on the sidelines of the sales market following the removal of the First Home Owners Grant last year," he explained.
Property market player, the Housing Industry Association (HIA) recently released a report on some inconvenient truths around the sector, highlighting the need for more dwellings to be built to meet demand.
Managing director of the HIA Shane Goodwin said: "Building new and affordable homes should be actively encouraged, supported and sustained by Governments."