REDLAND rental vacancies remain tight to good, according to REIQ quarterly data.
The Real Estate Institute of Queensland found that Redland, Logan and Moreton Bay were all healthy.
Redland eased a sliver, from 2.5 per cent to 2.6 per cent, which means it is still bouyant but only by a hair.
Logan tightened from 2.8 to 2.2 per cent, moving from healthy into the tight range.
Moreton Bay eased fractionally, from 1.6 per cent to 1.7 per cent but this is still also tight.
The Gold Coast (1.7 per cent) and the Sunshine Coast (1.2 per cent) remained tight, which means
tenants will continue to find it challenging to secure rental accommodation.
The REIQ for the June quarter revealed a tightening in inner Brisbane, as well as a tightening through much of regional Queensland, indicating a recovery is on the cards in weaker markets.
Brisbane LGA vacancy rate fell from 3.7 per cent in the March quarter to 3.3 per cent, moving from the weak to healthy range.
Inner Brisbane, which is dominated by apartments, fell from its all-time high of 4.4 per cent in March to 3.5 per cent in the June quarter.
REIQ chief executive Antonia Mercorella said Brisbane’s inner city tightening vacancy rate was a good indicator about the health of the market.
“Brisbane’s inner city is showing resilience, with the balance of landlords and tenants relatively equal for the June quarter,” she said.
“At 3.5 per cent, the REIQ classifies this market as healthy and this is when both tenants and landlords have reasonable expectations of their needs being met.
“We know that the population growth and jobs in the southeast corner are, so far, sufficient to absorb the level of apartment supply coming onto the rental market.
“The market has an unswerving ability to self-correct.
“In the first quarter of 2015, 2300 new apartments came onto the market and in the first quarter of 2017, around 260 apartments came onto the market.”
Brisbane’s middle ring (5-10km) remains a tighter rental market than the inner ring with a vacancy rate of 3.1 per cent.