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Brisbane vacancy rates bouncing back

The latest REIQ residential vacancy rates report reveal that vacancy rates in Brisbane have returned to healthy levels in the final quarter of 2016, recovering from some unfavourable trends. 

It was noted that there are positive signs that the Queensland capital's rental market weathered the large influx of new units in recent years quite well, with vacancy rates now tightening across Greater Brisbane. 

Brisbane's residential vacancy rate tightened to three per cent overall, a positive drop on the 3.3 per cent for the September 2016 quarter. 

The highest level of vacancies of 3.6 per cent were found in the inner area between zero and five km from the central business district (CBD), which is slightly lower than the previous figure of 3.7 per cent. 

For the middle area - between five and 20 km away from the CBD - a vacancy rate of 3.3 per cent was reported. 

In terms of specific districts, the lowest vacancy rates were Pine Rivers and Redcliffe, with 1.6 per cent each, followed by Moreton Bay with 1.8 per cent and Caboolture with 2.2 per cent. 

Bay Islands and Brisbane Surrounds - covering Ipswich City, Logan City, Moreton Bay and Redland City - all reported a rate of 2.4 per cent. 

Antonia Mercorella, chief executive officer of REIQ, said Brisbane City moved into the healthy zone - usually regarded as being a vacancy rate of anywhere between 2.5 and 3.5 per cent.

She added that Queensland as a whole finished the year on a generally steady note, as improvements were recorded in many markets over the December quarter. 

"The data has shown that supply and demand in the rental market is fairly evenly matched in the south-east corner," she commented. 

"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."

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