Rental market in resource areas weaker than rest of state

THE divide in rental market conditions between the resource and non-resource regions of Queensland is continuing, according to the latest data from the REIQ.

The latest Real Estate Institute Queesnland residential rental vacancy rate survey results showed demand within south-east Queensland remained strong, with most markets posting a vacancy rate of 2.5 per cent or less.

A vacancy rate of 3 per cent is generally considered to indicate equilibrium of supply and demand for rental property within a particular area.

Gladstone, Mackay, Rockhampton and Townsville, where the resources sector plays an important role in local economies, continued to exhibit relatively weak rental market conditions with vacancy rates of 3.5 per cent and above recorded.

Toowoomba recorded the tightest major rental market in the state with a vacancy rate of 1.3 per cent, together with the Sunshine Coast.

REIQ CEO Anton Kardash said while the rental market remained strong for investors in most areas, it could experience some reduction in demand from tenants in the months ahead as the Queensland sales market began to hit its long-awaited stride.

"Over recent months there have been more and more reports in the media about the Australian property market being back in full swing," Mr Kardash said.

"While I can't speak with any level of authority on the markets of our southern capitals, I do know that Queensland's property market as a whole is undergoing a more steady sales recovery, but we are starting to see some very positive results.

"What is interesting to note is the flow-on effect this is appearing to have on our rental market, with responses to our September survey clearly showing an increase in investor activity here, especially in the south-east."

Topics:  gladstone property market property real estate rental market

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