Brisbane vacancy rates have bounced back new data shows

16th Jan 2017

BRISBANE vacancy rates have bounced back into the healthy zone despite a massive onslaught of new unit supply, new data shows.

The latest REIQ residential vacancy rates report found positive signs that the Queensland capital’s rental market survived relatively unscathed the massive influx of new units in recent years – with vacancy rates now tightening across Greater Brisbane.

Overall Brisbane’s residential vacancy rate tightened to 3 per cent (3.3 per cent in September quarter), with the highest level of vacancies coming from the inner area (0 to 5km from the CBD) at 3.6 per cent (3.7 per cent previously).

Brisbane City moved into the healthy zone which is considered anything between 2.5 and 3.5 per cent vacancy rate, according to REIQ chief executive Antonia Mercorella.

Brisbane’s inner zone from 0-5km from the CBD has its highest vacancy rate in the December quarter at 3.6 per cent, on the cusp of the healthy range. Picture: Glenn Hunt/The Australian

“The data has shown that supply and demand in the rental market is fairly evenly matched in the southeast corner. The vacancy rate in inner Brisbane has fallen to 3.6 per cent, which is very close to the healthy range and this is good news for both landlords and tenants,” she said.

“When vacancy rates are within the healthy range it means landlords can secure tenants comfortably and it also means tenants have the opportunity to secure appropriate and suitable rental accommodation.”

She said generally speaking Queensland ended the year on a “steady note”, with improvements over the December quarter across many markets.

(Source: The Courier Mail)