Rental markets improving in the Sunshine State

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Investors in Queensland have a lot to be happy about, according to the latest REIQ data (as at the end of March 2015).

In particular, the Gold Coast and the Sunshine Coast are two of the standout performers, said REIQ CEO Antonia Mercorella.

For the Gold Coast, it has recorded its lowest vacancy in seven years, as only 1.3% of the market's rental properties are vacant.

“This is a strong indicator that other sectors of the economy may be rebounding and we are buoyed by this news,” said Mercorella.

Despite the Sunshine Coast recording a 0.8% increase in its vacancy rate to 1.9%, it is still classified as a tight market.

Additionally, Brisbane City’s vacancy rate dropped by nearly 0.5%, from 2.9% to about 2.5%.

Meanwhile, there will also be satisfied investors who have properties in some traditional mining towns.

For instance, Gladstone (located approximately 550km north of Brisbane) recorded its fifth consecutive drop in vacancy rates since peaking at 7.7% at the end of 2013. It now sits at 3.8%.

“Looking at the figures for Mackay (9.4%), Rockhampton (4.4%) and Gladstone it is too soon to call this anything other than what it is – a glimmer of hope that a turnaround is imminent,” said Mercorella.

“We know that in Mackay the local government is focusing on diversifying its key industries and employment prospects are looking up.”

However, other regional areas have been significantly affected by the downturn in the mining industry.

As Bowen and Moranbah have seen a substantial oversupply of rental properties, this is the reason for the high vacancy rates in their respective regions. Isaac’s vacancy rate sits at 17.4%, while Whitsundays is 13.5%.  


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