{"id":3450,"date":"2023-04-20T10:00:00","date_gmt":"2023-04-20T00:00:00","guid":{"rendered":"https:\/\/theonsitemanager.com.au\/news\/?p=3450"},"modified":"2023-05-02T11:37:55","modified_gmt":"2023-05-02T01:37:55","slug":"queensland-is-still-worlds-away-from-a-healthy-rental-market","status":"publish","type":"post","link":"https:\/\/theonsitemanager.com.au\/news\/queensland-is-still-worlds-away-from-a-healthy-rental-market\/","title":{"rendered":"Queensland Is Still Worlds Away From A Healthy Rental Market"},"content":{"rendered":"\n

Obscenely tight rental conditions continue in Queensland according to the latest Residential Vacancy Rate Report released by the Real Estate Institute of Queensland (REIQ).<\/strong><\/p>\n\n\n\n

The REIQ report covers more than a decade of quarterly vacancy rates for 50 local government areas (LGAs) and sub regions in Queensland, with the March 2023 quarter showing sustained historically tight rental conditions and mostly minor fluctuations from the previous quarter.<\/p>\n\n\n\n

Of the 50 regions, 11 remained at the same rate, 13 grew slightly tighter, while the majority of 26 relaxed slightly, indicating improved but still limited rental options.<\/p>\n\n\n\n

This saw the state-wide vacancy rate rise marginally from 0.8 per cent in the December 2022 quarter, to 0.9 per cent in the March 2023 quarter, still well short of the ideal 2.6 \u2013 3.5% healthy rate.<\/p>\n\n\n\n

Interestingly, the vacancy rate climbed slightly in most of Queensland\u2019s tourism centres and coastal regions. A standout was Noosa which shot up substantially from 1.2 per cent to 2.3 per cent, just shy of the healthy rate, while neighbouring Gympie region also rose from 0.7 per cent to 1.1 per cent.<\/p>\n\n\n\n

Mount Isa tipped into a healthy 2.6 per cent rate for the first time since the onset of the pandemic, while Gladstone held the highest rate of the regional centres at 1.8 percent.<\/p>\n\n\n\n

REIQ CEO Antonia Mercorella said while the March quarter results offered some rental market relief, most of the state was a long way off from being out of the woods.<\/p>\n\n\n\n

\u201cQueensland is still worlds away from a healthy rental market and a grossly insufficient level of housing supply is squarely to blame,\u201d Ms Mercorella said.<\/p>\n\n\n\n

\u201cWhen we\u2019re witnessing these very tight vacancy rates persisting right across the state, it\u2019s highlighting the importance of ensuring that we keep levels of property investment up so that we can maintain rooves over the heads of our growing population.<\/p>\n\n\n\n

\u201cWe desperately need more rental properties but investors are not being encouraged to put their savings into property \u2013 on the contrary, often they\u2019re being deterred and punished.\u201d<\/p>\n\n\n\n

Ms Mercorella said that despite the heavy reliance on private investors in the rental space, dangerous behaviour towards investors was continuing.<\/p>\n\n\n\n

\u201cAlarmingly, talk of rent control and imposing greater restrictions on the owners of rental properties is being touted as the solution to the rental crisis,\u201d she said.<\/p>\n\n\n\n

\u201cMaking investment less appealing and demonising investors is not the right solution. We should be focussed on the underlying cause of the rental crisis and increasing housing supply, including social housing.\u201cQueensland spends the least per capita on social housing and even with the Housing Investment Fund it will only rise to second last. This under investment reached its nadir from 2015 onwards and has had a direct correlation with the crisis today.<\/p>\n\n\n\n

\u201cWe\u2019re about to embark on the phase two rental reforms, and just as in phase one, the REIQ will be advocating strongly for fair and balanced residential tenancies legislation in Queensland that support all stakeholders involved in rental relationships,\u201d she said.<\/p>\n\n\n\n

\u201cIt\u2019s a delicate balancing act making sure that the laws provide adequate protections for tenants and also that they allow a certain amount of flexibility and freedom to property owners to ensure that they are prepared to keep providing their property as a private rental.\u201d<\/p>\n\n\n\n

FAST FACTS: MARCH QUARTER 2023<\/h3>\n\n\n\n

– Queensland Vacancy Rate: 0.9%<\/p>\n\n\n\n

– Tightest Vacancy Rates: 0.1% in Southern Downs and Goondiwindi, followed by 0.2% in Cook, and 0.3% in Mareeba, Banana, and Tablelands<\/p>\n\n\n\n

– Highest Vacancy Rates: 5.5% in Redland\u2019s Bay Islands, followed by 2.6% in Mount Isa, and 2.3% in Noosa<\/p>\n\n\n\n

– Biggest falls: -0.5% in Redland\u2019s Bay Islands, followed by -0.4% in Banana<\/p>\n\n\n\n

– Biggest rise: +1.1% in Noosa, followed by +0.4% in Gympie and Livingstone<\/p>\n\n\n\n

The REIQ classes rental markets into three categories, tight, healthy, or weak. These markets are classified according to vacancy rates:<\/p>\n\n\n\n

– 0 \u2013 2.5% = tight<\/p>\n\n\n\n

– 2.6 \u2013 3.5% = healthy<\/p>\n\n\n\n

– 6% \u2013 plus = weak<\/p>\n\n\n\n

This article was contributed by REIQ.<\/p>\n\n\n\n

You can find more information at: http:\/\/reiq.com<\/a><\/p>\n\n\n\n

Original article source: https:\/\/www.reiq.com\/articles\/queensland-is-still-worlds-away-from-a-healthy-rental-market\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Obscenely tight rental conditions continue in Queensland according to the latest Residential Vacancy Rate Report released by the Real Estate Institute of Queensland (REIQ). The REIQ report covers more than a decade of quarterly vacancy rates for 50 local government areas (LGAs) and sub regions in Queensland, with the March 2023 quarter showing sustained historically tight rental conditions and mostly minor fluctuations from the previous quarter. Of the 50 regions, 11 remained at the same rate, 13 grew slightly tighter, while the majority of 26 relaxed slightly, indicating improved but still limited rental options. This saw the state-wide vacancy rate rise marginally from 0.8 perRead More →<\/a><\/p>\n","protected":false},"author":1279,"featured_media":3451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false},"categories":[7,29,53,4],"tags":[],"_links":{"self":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/3450"}],"collection":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/users\/1279"}],"replies":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/comments?post=3450"}],"version-history":[{"count":2,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/3450\/revisions"}],"predecessor-version":[{"id":3453,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/3450\/revisions\/3453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media\/3451"}],"wp:attachment":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media?parent=3450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/categories?post=3450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/tags?post=3450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}