Brisbane’s private rental market vacancies are at their lowest rates for more than eight years, with most of the state’s rates less than 1 per cent.
The Real Estate Institute of Queensland’s latest vacancy report found 70.2 per cent of the state’s rental vacancies are under 1 per cent, while Brisbane’s inner city dropped 5.5 per cent over the quarter to 2.8 per cent.
REIQ chief executive Antonia Mercorella said rental markets across Brisbane’s entire metropolitan has tightened quarter-on-quarter for the past four consecutive periods.
“Record-low interest rates, government support and stimulus measures, and the pandemic-driven stampede we’ve witnessed migrating beyond our southern boarders have sent Brisbane’s private rental market into uncharted territory, pushing vacancy rates down to their lowest levels since October, 2012,” Mercorella said.
Some of the tightest vacancies across the capital’s suburbs include Anstead (0.5 per cent), Birkdale (0.3 per cent), Capalaba (0.2 per cent), Ferny Hill (0.3 per cent), Gumdale (0.4 per cent), Manly West (0.5 per cent), Rothwell (0.2 per cent), Sandgate (0.5 per cent), Shailer Park (0.4 per cent), Thornside (0.3 per cent) and Wakerley (0.4 per cent).
The REIQ data also showed that regional demand was still running hot.
“Where we’re seeing the most pronounced rental demand levels far outstrip available vacancies is across regional Queensland, with the tightest vacancies … in the Fraser Coast’s Maryborough (0.2 per cent) followed by the Southern Downs (0.3 per cnet) and Bundaberg region (0.5 per cent),” Mercorella said.
“Meanwhile a rate of 0.4 per cent has been recorded across Gympie, Rockhampton and the Sunshine Coast. The Gold Coast has tightened a further 0.3 per cent to reach a record low of 0.6 per cent.”
Between record-low interest rates, low stock availability for sale, and improvements in consumer sentiment, Queensland has recorded increases in values month-on-month in 2021. ABS figures showed Queensland homebuyers borrowed $4.3 billion in January this year, 74 per cent more than for the same period in 2020.
In his latest report, Hotspotting’s Terry Ryder says Brisbane’s inner suburbs are tipped to be in even more in demand as new major transport projects take shape.
“A key reason Brisbane has not boomed in recent years is the absence of major infrastructure projects,” he said. “And it’s not a coincidence that its market is now rising strongly, as major projects proliferate.”
Brisbane ushered in six new million-dollar suburbs at the close of 2020, according to REIQ March figures.
These suburbs were Bardon ($1.06 million), Graceville ($1.01 million ), Grange ($1,02 million), Rochedale ($1,03 million), West End ($1.1 million) and Yeronga ($1.08 million).
Queensland’s population grew by 7237 people from interstate during the September quarter last year, almost double the number of interstate migrants moving to New South Wales and Victoria.