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 good signs in positively that the Queensland capital’s rental market safely survived with the massive influx of new units in recent years – seeing that 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.
“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,” also “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.
Brisbane vacancy rates:
Overall 3 per cent
Brisbane City 3.4 per cent
Inner (0-5km) 3.6 per cent
Middle (5-20km) 3.3 per cent
Brisbane Surrounds (Ipswich City, Logan City, Moreton Bay and Redland City) 2.4%
Ipswich City 2.4%
Logan City 3.3%
Moreton Bay 1.8%
Pine Rivers 1.6%
Redland City 2.7%
Bay Islands 2.4%