Why we have among the tightest rental markets in Qld
The Whitsundays rental market has edged even tighter than last quarter but Mackay still remains one of the tightest in Queensland.
The Whitsunday rental vacancy rate has dipped further from 1.5 per cent to 1.4 per cent.
Mackay and Isaac have improved marginally from 0.6 per cent to 0.7 per cent and 0.9 per cent to 1.2 per cent, respectively.
The Real Estate Institute of Queensland’s latest vacancy data for the December 2020 quarter shows 90 per cent of regional Queensland rental vacancy rates have plunged further to record an all-time median low of 0.575 per cent.
This includes Bundaberg at 0.4 per cent, Fraser Coast 0.6 per cent, Hervey Bay 0.9 per cent, Mackay 0.7 per cent, Toowoomba 0.7 per cent and Townsville 0.7 per cent.
Rockhampton recorded the lowest rental vacancies for the December 2020 quarter at 0.2 per cent.
REIQ CEO Antonia Mercorella said part of the reason for “incredibly low rental availability” across Queensland was the State Government’s measures keeping tenants in place for longer during the pandemic lockdowns.
“We have also seen a significant amount of interstate migration, with renters also moving to Queensland, so all of these factors have contributed to our current tight vacancy rates.
“What we’re seeing is an unprecedented level of diminishing rental availability that’s placing significant pressure on our state’s housing sector – so much so that it’s unsustainable and why urgent action is required to better support both increased and ongoing property investor activity in the Queensland property market and the contributions they make to the state economy.
“Every Queenslander should have access to a safe, secure and affordable home that meets their needs and supports them.”
Ms Mercorella called on the Palaszczuk Government to consider abolishing stamp duty.
“It’s the most significant barrier to home ownership, discouraging housing turnover, restricting mobility and property investment – something we desperately require,” she said.