Rental vacancies are at record lows in Queensland! | Property Boutique

Rental vacancies are at record lows in Queensland!

With work-from-home arrangements now a permanent option for many workers, it’s no surprise Australians are flocking north to enjoy sparkling beaches and summer temperatures all year round.
Across South-East Queensland in particular, we’re seeing a massive spike in interstate migration, leading to a surge in rental prices and a significant drop in vacancy rates. 

Take Brisbane for example: the average vacancy rate is now below 0.1%. Over in the Gold Coast, vacancies have dropped to 0.3%, taking total vacancies to a record-low of 0.6%. According to the Real Estate Institute of Queensland, this is the lowest the market has dipped in the last 15 years.

What’s causing this tight rental market?
It comes down to a combination of factors, including a rising unaffordability (especially for first-time buyers) that is keeping many buyers priced out of the purchasing market, a surge in rental demand, and the desirability of the coastal Queensland lifestyle.

Plus, Queenslanders are feeling the impacts of the recent floods which have intensified the existing housing and rental crisis across the state. With tenants and homeowners displaced and thousands of properties destroyed, demand has never been higher for rental properties.

Kasey McDonald: Different Technologies Pty Ltd: To read full article click here

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