These are the suburbs where it is hardest to find a rental property

first_imgIt’s not hard to see why renters are keen to secure property at Caloundra Beach.Harcourts Caloundra owner Luke Carter said within Caloundra the vacancy rate was the lowest he had ever seen.“Yesterday I had a tenant vacate a property where they were paying $370 per week,’’ he said.“We put the property online for rent at $425 per week and the property rented within 25 minutes at $55 more per week.“We are seeing huge changes in our market on the ground happening as we speak which is exciting for a region that’s property market has been lacklustre for nearly seven years.’’Ms Mercorella said previously ten of the major regional areas had rental markets which would have been labelled weak, this had reduced to six this quarter and even those were showing improvements. TIGHT RENTAL MARKETS Caloundra Coast – 0.6%Sunshine Coast – 1.4%Noosa – 1.5%Cairns – 1.7%Pine Rivers – 1.8%Maroochy Coast – 1.8%Gold Coast city – 1.9%Ipswich city – 1.9%Redcliffe – 1.9%Moreton Bay – 1.9%Southern Downs – 2%More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North2 hours agoNew apartments released at idyllic retirement community Samford Grove Presented by Brisbane surrounds – 2%Redland city – 2.1%Logan City – 2.1%Caboolture – 2.1%Whitsunday – 2.1%Hervey Bay – 2.2%Fraser Coast – 2.2%Scenic Rim – 2.4% HEALTHY RENTAL MARKETS Toowoomba – 2.6%Mackay – 2.8%Banana – 3.2%Brisbane (5-20km) – 3.4% WEAK RENTAL MARKETS Brisbane city – 3.6%Brisbane (0-5km) – 3.7%Bundaberg – 4%Tablelands – 4.1%Townsville – 4.3%Rockhampton – 5.5%Livingstone – 5.6%Gladstone – 5.7% Finding rentals properties at Caboolture can be tough, although this unit at2/38 Bradman St, is listed for $250 a week.WHILE an oversupply of units within inner Brisbane has resulted in a lift in vacancy rates, it’s some of the further out suburbs were tenants are struggling to find a place to call home.New vacancy rate figures from the Real Estate Institute of Queensland reveal that Caloundra has the lowest vacancy rate in Queensland of just 0.6 per cent.Other areas where renters could find it tough to find a property were, Pine Rivers, where the vacancy rate was just 1.8 per cent, Ipswich, Moreton Bay, and Redcliffe which all had a vacancy rate of 1.9 per cent and Caboolture where it was 2.1 per cent.When there is a vacancy rate of about 3 per cent that is considered to be healthy.The REIQ September quarter data, revealed rental markets had tightened in much of regional Queensland as well.The story wasn’t the same in Brisbane, were the vacancy rate rose from 3.3 per cent to 3.6 per cent – which was considered a weak market.The inner ring, up to 5km out from the CBD was the weakest, rising from 3.5 per cent in the previous quarter to 3.7 per cent.REIQ CEO Antonia Mercorella attributed the softening of the inner Brisbane rental market to an oversupply or units, but said it wasn’t cause for concern.“Brisbane has undergone an incredible transformation, with unprecedented levels of apartment supply coming onto the market in the inner and middle rings over the past few years,’’ she said.“We are starting to see the impact of that supply as it finally catches up to high levels of pent-up demand.’’Ms Mercorella said as Brisbane’s population continued to grow, so would demand for housing.The Gold Coast and Sunshine Coast rental markets both remained tight with vacancy rates of 1.9 per cent and 1.4 per cent.last_img

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