Regional markets in Queensland continued to post stellar increases in rents, with some even posting double-digit growth, according to CoreLogic and the Real Estate Institute of Queensland (REIQ).
Rents across regional markets increased by 9.4% on average in the year to April, overtaking the 3.3% growth reported in Brisbane.
The Central Queensland region reported a 15.3% growth in rents, followed by Sunshine Coast's 15% and Gold Coast's 10.9%.
The increase in rents in regional Queensland suggests an "extraordinary" tightening of the rental markets.
“The lowest typical days on market in the rolling quarter was across the Gold Coast, where the median amount of time a rental spent on the market was two weeks," said Eliza Owen, head of residential research at CoreLogic.
There are several factors contributing to the tightening of rental markets. One of the major reasons was the reverse in the migration patterns of Australians within the state. While there is decline in people migrating from regions to the capital city, there is an increasing demand from Brisbane to regional areas, particularly among higher-income workers who are putting upward pressure on rents.
Furthermore, the increase in the demand for property purchases in the regions could be putting upward pressure on rental values.
"The data suggests that tenants are having to compete harder for rental accommodation in major regional centres," Owen said.
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