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REIQ Journal : December January 2009
40 INDUSTRY RESEARCH QLD RESIDENTIAL RENTAL SNAPSHOT VACANCY RATES¨ Yvette Burton, Research Analyst, REIQ This demand/supply imbalance is reflected in the continued growth in median rents. Three-bedroom houses recorded an increase of $20 to $380 over the September quarter, while twobedroom units increased $10, after a $20 increase over the June quarter to a current median weekly rent of $275. This growth in median rents makes Mackay one of the most expensive regional centres to rent a property. This may serve to attract investors to the area and alleviate the supply shortage. TOWNSVILLE Despite a reported decline in enquiry levels, which is typical for this time of year, the rental market in the Townsville area remains one of the tightest outside of South East Queensland, with vacancy rates currently sitting at 1.5 per cent. Median rents for three-bedroom houses have remained stable at $320 per week over the past two quarters. The median rent for two-bedroom units increased by approximately $15 over the last quarter. CAIRNS The Cairns region has experienced a slowdown in the rental property market with demand softening significantly and supply remaining high. This is evident with an increase in vacancy rates from 3.8 per cent in the June quarter to 4.6 per cent as at the end of September 2008. Agents report longer listing periods, which has resulted in reduced rental prices in order to attract tenants.Median rents from the RTA showed a decline of $10 to $260 per week for two-bedroom units over the September quarter, while three-bedroom houses remained steady at $320 per week. LOCAL GOVERNMENT AREA 2008 SEPT 2008 SOUTH EAST QUEENSLAND Greater Brisbane 11.7% Brisbane City 2 Brisbane Inner (0-5km) Brisbane Remainder 1.6% 1.3% 1.7% Brisbane Surrounds 31.9% Redland City Logan City Ipswich City Moreton Bay Regional Gold Coast City 1.3% 2.3% 2.3% 1.8% 3.2% Scenic Rim RegionalN/A Sunshine Coast Regional3.1% REGIONAL QUEENSLAND Toowoomba Regional1.2% Gympie Regional5.4% Fraser Coast Regional5.4% Bundaberg Regional6.5%* Gladstone Regional2.1% Rockhampton Regional2.6% Mackay Regional2.1% Whitsunday Regional2.3% Townsville City 1.5% Cairns Regional4.6% Tablelands RegionalN/A JUNE 2.1% 2.1% 2.6% 2.0% 2.1% 2.2% 1.3% 2.7% 2.2% 3.7% 3.2% 3.2% 1.7% 2.6% 8.1%* 3.8% 2.7% 2.8% 1.5% 2.6% 2.6% 3.8% 5.4% ¨Based upon all residential rentals as at the end of the month 1 Aggregate of Brisbane City LGA & Brisbane surrounds 2 Aggregate of Brisbane Inner & Brisbane Remainder 3 Aggregate of the surrounding shires of Ipswich, Logan,Moreton Bay Regional & Redland * Vacancy rate affected by an increase in new rental stock NB Where no region or vacancy rate is listed, insufficient surveys were received in order to calculate a reliable statistic Source: REIQ Residential Rental Survey Agents also report an increase in the number of tenancies that are being terminated, as tenants search for more affordable accommodation. For further analysis of these and other Queensland rental markets, visit the Member Resource Centre on the REIQ’s member-only website at www.memberlink.com.au REIQ Journal December 2008/January 2009