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Brisbane has Australia's second...

Brisbane has Australia's second highest house vacancy rate

Vacancy rates in Brisbane have jumped ahead of Darwin to take second place in the country, according to the findings of a new report. 

House vacancies in the city increased by 2.6 per cent in September, compared to a tightening of 2.1 per cent in Darwin, the latest rental report from the Domain Group has revealed.

Perth is still in first place by a considerable distance of 4.2 per cent and a unit vacancy rate of 4.7 per cent. 

Brisbane's unit vacancy rate also continued to climb, standing at 3.2 per cent in September and up from the corresponding figure of three per cent that was recorded for the same month in 2015. 

Andrew Wilson, chief economist at the Domain Group, said that this was not necessarily surprising but there are positives to be taken from the trend. 

"Predictably, units vacancy rates rose, which is all to do with supply moving ahead of demand, which has happened in the inner city. One positive is the number of jobs this has created." 

The majority of vacant suburbs were in the inner city for units and on the outskirts of Brisbane for houses. For the latter, Redbank Plains, North Lakes and Caboolture were identified as holding the most vacancies over the September quarter. 

A building boom has prompted Brisbane City, New Farm and South Brisbane to have the most vacancies in terms of units.

Median rent prices stood at $400 per week - and Mr Wilson said this lack of growth has been prompted by a higher number of first home buyers. He also noted that rents are likely to remain flat and that this trend "will likely continue into the foreseeable future". 

"But yields are high in Brisbane - in fact, highest of the mainland, which is attractive to investors," he remarked, adding that the challenge for owners is securing tenants. 

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