Thursday, August 24, 2023
Mackay and Whitsunday Life
Regional Queensland's rental market has experienced a slight uptick in rental vacancies as regional migration eases, according to a PropTrack Market Insight Report released recently. The report found that the rental vacancy rate increased by 0.19 percentage points year-on-year, reaching 1.64 per cent in February. This increase is due to the easing of regional migration, which has caused a slight reduction in demand for rental properties in the region.
Despite this increase, the rental vacancy rate in regional Queensland is still down 47 per cent from the levels seen in March 2020, indicating that the rental market is still very tight. The report also shows that Brisbane's rental vacancy rate fell 0.51 percentage points year-on-year to 1.30 per cent in February, representing a 55 per cent decrease from March 2020.
The report's senior economist, Paul Ryan, notes that house rentals in Brisbane last an average of 14 days on realestate.com.au, but this number is lower in certain suburbs such as Strathpine, where the vacancy rate was 0.75 per cent. This suggests that some areas in the region still experience high demand for rental properties, making it challenging for renters to secure a property.
Interestingly, the report also highlights that Central Queensland's Bowen Basin and Cairns regions saw the most significant decrease in rental vacancy rates. This decrease could be due to the recent influx of workers in the mining and tourism industries, respectively.
The report's findings suggest that the rental market in Queensland remains challenging for renters, despite the slight increase in rental vacancies. This highlights the importance of renters carefully considering their options and working with trusted real estate agents to secure a property that meets their needs and budget.
For further rental vacancy insight specific to the Markay market, and what alternative options are available to renters, turn the page to page 16 to read David Fisher’s column.