Queensland rental market remains strong
Rental property investment in Queensland remains lucrative, with recent figures revealing a rising ...
Rental property investment in Queensland remains lucrative, with recent figures revealing a rising demand in the market.
The latest survey from the Real Estate Institute of Queensland (REIQ) showed that a strong demand in the state's rental property market surpassed supply in some areas.
REIQ chief executive officer Anton Kardash said the first three months of the year were the busiest for the rental market, however that trend had continued across the state.
He commented: "What our latest survey shows us is that demand for rental property remained strong at the end of June with vacancy rates generally remaining tight.
"While we are seeing an increase in the number of first home buyers and investors in the sales market, their activity will take some time to flow through to the rental market, which should ease some of this pressure on supply and rents we are now experiencing."
At the end of June, rental vacancy rates were below three per cent - the level which is considered the balance point between rental supply and demand.
Brisbane recorded a rental availability rate of 2.1 per cent at the end of June, while Rockhampton experiencing the tightest rental market with a vacancy rate of 1.1 per cent.
The second lowest rental vacancy area was Toowoomba with 1.2 per cent, followed by Mackay with a rate of 1.7 per cent.
The increased strength of the rental market is largely attributed to the state's mining sector, with an influx of families and workers into resource regions.