Logan, Redland, Ipswich, Moreton Bay: Where to find a quick rental in tight housing market

Alarming rental vacancy rate data shows some markets across the state had no available properties for rent. Here’s where to look if you’re in a hurry to rent. MAP

Redland Bay Ray White principals Jesse James and co-owner Vanessa Jagusic say renters with good histories who are willing to pay will always find a property. Picture: Contributed

Young couples looking to rent in southeast Queensland should be looking at properties in inner-city Brisbane, which scored one of the highest vacancy rates in the state, an analysis of the latest real estate statistics has shown.

However, families looking to rent large houses should be considering outer-city suburbs and regional areas including Logan, Scenic Rim, Lockyer Valley or the southern Moreton Bay islands – or move to Mt Isa.

Redland’s bay islands of Macleay, Lamb, Karragarra and Russell had the highest vacancy rate in Queensland of 3.7 per cent, offering the best option for those seeking a quick accommodation fix.

But those looking to secure a rental property quickly, will find it difficult in nine regional areas, where the search for housing has hit dire straits and the vacancy rates have fallen under the state average of 1 per cent.

The worst place to find a quick rental in the state was recorded at Cook in Far North Queensland where there were no rental properties available.

But forget about trying to find a quick rental in Redland, Toowoomba, Bundaberg or Mackay, where the vacancy rate was well under the state average at 0.6 per cent, indicating severe shortages of available properties.

Renters north of Brisbane have also felt the market squeeze with the number of vacant rentals in Caboolture dropping 11 per cent over the quarter to an all-time low of 0.8 per cent.

That trend was continued at the ever-popular Redcliffe where the number of properties up for grabs remained under the state average at 0.9 per cent.

Ipswich and Townsville offered slight relaxations in the number of places available despite remaining tight rental markets with vacancies under the state average.

Logan was one of the housing markets where there was no change in the number of available rentals over the quarter, with the vacancy rate set at 1 per cent.

The data showed there were more rental properties on the market at the neighbouring Gold Coast where the vacancy rate was above the state average at 1.3 per cent.

Even Scenic Rim had more available properties than in Logan with a vacancy rate of 1.30 per cent, indicating that Logan’s competitive rental edge was sliding.

Scenic Rim was one of the spots where rental vacancies were better. Picture: Scenic Rim Regional Council.

Ray White Redland Bay real estate owner Vanessa Jagusic said the housing market in Redland and Logan remained tight for sales but property managers were fighting over good tenants.

“There is a struggle for people looking for properties under $500 a week because there is not a lot of available stock,” Ms Jagusic said.

“The average rental in Redland for four bedroom, two bathroom, two car property is about $750 to $800 a week in the Redland – excluding the bay islands.

“People who have lower incomes are struggling but we have found tenants are hedging their bets and putting applications in for a number of properties which is skewing the data.

“With the new rental reforms, landlords are also selling investment properties because they can’t increase their rents twice in a year.

“Those with good references are snapped up by agencies within 24 hours and have not trouble finding a rental in Redland if they are in the higher-end market for properties over $750 a week.”

Mt Isa … where the vacancy rate was higher than the state average. Picture: The Courier-Mail

REIQ CEO Antonia Mercorella said although the rental availability did not change in Logan, a vacancy rate under 2.5 per cent was considered tight.

Ms Mercorella warned that 47 of the 50 areas in the survey, had vacancy rates classified as “tight”, with the only two “healthy” areas being Noosa and Mt Isa and the bay islands classified as “weak”.

“A healthy vacancy rate is one that sits between 2.6 per cent to 3.5 per cent and that’s virtually unheard of at the moment in Queensland,” Ms Mercorella said.

“In our state’s capital city, just 1.2 per cent of properties were available and remained advertised for rent for more than three weeks over the quarter – and this places it above average.

Logan remains a growth corridor for sales and new homes but rentals remain tight. Picture: State Housing Department

“We are not painting a picture of good health in our state when it comes to balancing rental demand with supply, and we know competition is particularly intensified at the highly sought after, more affordable end of the market.

“Tight vacancy rates indicate that there’s not enough rental properties coming up for rent, possibly due to tightly held leases which are being renewed at the end of the agreement rather than being returned to the market.

“In tight markets that have a severe shortage of properties, if an advertised rental property isn’t moving relatively quickly, it suggests that there could be a mismatch between what it offers and the needs of those looking for a place to live.

“It’s important to talk to your property manager about why your property may be sitting vacant for longer and that may mean making improvements or meeting the market.”

Originally published as Logan, Redland, Ipswich, Moreton Bay: Where to find a quick rental in tight housing market