Availability remain critically low in the Sunshine State
Queensland’s rental market remains under severe strain, latest data from the Real Estate Institute of Queensland (REIQ) has revealed.
According to the REIQ Residential Vacancy Report for the March 2024 Quarter, vacancy rates across the state are critically low, with the rate sitting at just 0.9%.
The report, which examines 50 local government areas and sub-regions, indicated that vacancy rates fell in 22 areas, remained stable in 10, and rose in 18, compared to the previous quarter. However, these shifts were minimal, mostly fluctuating by only 0.2%, indicating no significant change in availability.
Mount Isa was the only region with a vacancy rate (3.4%) within what the REIQ considers a “healthy” range (2.6 to 3.5%). In contrast, more than half of the regions reported rates of 1% or lower, with Goondiwindi, Charters Towers, and Cook experiencing the most acute shortages.
Antonia Mercorella (pictured), REIQ chief executive, expressed concern about the ongoing trend of low rental availability.
“When rental supply is at crisis levels, especially at the affordable end of the market, inevitably it means some rental applicants aren’t ever making it to the top of the pile, are left feeling exhausted, and could be running out of options,” Mercorella said.
“This is where we need to see government support step up in the form of social housing and rental assistance to keep the most vulnerable people in our communities housed.”
Mercorella also pointed to the need for improved productivity and affordability in new housing construction and suggested that incentives for institutional investors should be extended to private investors to encourage more rental offerings.
The REIQ report showed that regions like Goondiwindi, Charters Towers, and Banana remain some of the tightest markets, while cities like Mackay, Rockhampton, and Toowoomba also report very low vacancy rates.
In Greater Brisbane, the vacancy rate mirrors the state average at 0.9%. The inner city and surrounding areas saw little change, while slight decreases were observed in Logan, Caboolture, and Ipswich.
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