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The REIQ says a weak inner city vacancy rate is no cause for alarm for property investors

first_imgPine Rivers has the tightest vacancy rate in Queensland. This home at 4 Livingstone St, Strathpine is listed for rent for $420 per week. Picture: realestate.com.auPine Rivers, north of Brisbane, had the tightest rental market in the state with a vacancy rate of just 1.3 per cent. Residential Tenancy Authority figures reveal 479 bonds were lodged for three-bedroom homes in Pine Rivers region during the March quarter compared to 367 at the same time last year. Ms Mercorella said the lower vacancy rates had switched from the inner city five years ago to the outer suburbs.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoNow there were fewer vacancies in outer suburbs and more in the inner city.Ms Mercorella said the weak inner city market was “ not sounding alarm bells for us at this stage’’. “At the moment, supply is quite high and tenants have got the ability to shop around and that is why we are seeing those vacancy rates hit those kind of levels,’’ she said.“I think over time that will stabilise, we will see that supply absorbed and those vacancy rates will normalise.“Most landlords understand that what we are going through is a pretty unique period in our history.” Ms Mercorella said the current high levels of inner city apartment supply meant that some potential investors could buy well.“If you are looking to invest in that market, because the supply is higher you can actually negotiate yourself a pretty good deal when you are buying.’’But she warned that meant they may also have to negotiate a more reasonable rental rate because there were more properties to choose from. REIQ CEO Antonia Mercorella. Picture: Claudia BaxterFinding  a rental property in inner city Brisbane is becoming a lot easier, with new figures revealing the vacancy rate has hit 4.4 per cent.A vacancy rate of about 3 per cent is considered an equilibrium.Real Estate Institute of Queensland CEO, Antonia Mercorella labelled the inner city vacancy rate as “weak’’, but she said it shouldn’t be a major cause for concern for property investors.She said higher vacancies were a result of the steady level of apartments being built in the inner city exceeding demand. Five years ago, the inner city vacancy rate was a very tight 1.4 per cent.Ms Mercorella said just outside the inner city ring, vacancy rates had tightened. Within the five km to 20km ring, vacancy levels went from 3.3 per cent to 3.1 per cent. Within the greater Brisbane area, encompassing Ipswich, Logan and Moreton Bay council areas, vacancy rates had also reduced. Vacancies on the Gold Coast are tight. This unit at 2/3028 The Boulevarde, Carrara is listed for rent for $670 a week. Picture: realestate.com.auMore broadly throughout the state, Ms Mercorella said the news was fairly good as vacancy rates had started to improve in regional areas and were showing “promising signs’’.She said the stronger price of coking coal, and the lower Australian dollar boosting tourism numbers, had improved the regional economies.“The housing market in regional Queensland is closely tied to these two industries and we can see that workers are being attracted back to these cities with the tightening of vacancy rate figures,” Ms Mercorella said. Within the southeast, vacancies remained tight on the Gold Coast at 1.7 per cent and the Sunshine Coast at 1.8 per cent.last_img

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