Toowoomba rental market remains tight despite COVID-19

THE rental market has continued to be incredibly tight, with a major agency reporting just three properties were vacant in its portfolio.

Suburbs, property, housing, Glenvale. Toowoomba suburbs. May 2018

THE Toowoomba rental market has continued to be incredibly tight despite the impacts of COVID-19, with a major agency reporting just three properties were vacant in a portfolio of more than 1100.

LJ Hooker Toowoomba currently has a vacancy rate of just 0.27 per cent, with the figure having remained below one per cent for the past six months.

Business development manager Kelly Ray said the combination of government support for landlords during the pandemic and a trend of tenants deciding not to move had created the situation.

Ms Ray said the high demand for rentals had created an opportunity for potential investors wanting to buy in Toowoomba.

"We just cannot keep up with demand - we're proud of our results but this is across the board," she said.

"The Toowoomba housing market is very strong right now.

"A lot of investment properties are achieving good investment yields so it's a great opportunity to enter the market.

"We're talking about almost six months of an incredibly low vacancy rates."

Ms Ray said the homeowners who had listed their properties recently were finding a dedicated group of buyers.

"We did have people list their properties, and they were able to achieve some good prices," she said.

"Some people were concerned with listing their properties, but those who did were able to shift them.

"It is something that I haven't experienced, and I've been doing this for 13 years.

"We are desperately looking for more houses and units, so we welcome anybody's inquiry."

Ms Ray said Toowoomba's multifaceted economy had also contributed to the strong results.

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