More choice for Townsville tenants
The Townsville rental market eased in April with new data showing the vacancy rate increased for the month alongside national figures. SEE HOW TOWNSVILLE COMPARES.
The Townsville rental market eased in April with new data showing the vacancy rate increased for the month.
The latest PropTrack Market Insight Report showed the Townsville vacancy rate was up 0.05 percentage points month-on-month to sit at 1.25 per cent.
This was a 0.32 percentage point drop for the quarter and a 0.12 percentage point drop year-on-year.
In wider regional Queensland, the vacancy rate was up 0.08 percentage points to sit at 1.16 per cent in April.
PropTrack economist and report author, Anne Flaherty said this was the equal second tightest regional rental market in Australia.
“Compared to April 2023, the vacancy rate in regional Queensland was down 0.25 percentage points,” she said.
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In Brisbane, the vacancy rate rose 0.03 percentage points in April to 1.02 per cent – the second lowest vacancy rate in the country.
“The share of rental properties vacant and available in Brisbane is now 53 per cent lower in April compared to the start of the pandemic in March 2020,” Ms Flaherty said.
Nationwide, the vacancy rate was up 0.09 percentage points in April, up 0.01 percentage points for the quarter and down 0.18 percentage points year-on-year.
“While vacancy eased in April, conditions remain incredibly tough for renters, with just 1.21 per cent of rental properties sitting vacant over the month,” Ms Flaherty said.
“This is less than half the level that is considered a healthy rate of vacancy.
“With vacant properties scarce, homes that do come up for rent are continuing to see high levels of competition, which is driving rent prices higher.”
Ms Flaherty said the situation for renters was similar across both capital city and regional areas, with each seeing vacancy at 1.2 per cent in April.
“Compared to 12 months ago, regional areas have seen the greatest deterioration in rental conditions, with vacancy down 0.25 percentage points compared to a 0.15 percentage point drop in the cities,” she said.
“Adelaide has cemented its place as the most difficult city to find a rental and was the only capital to see its vacancy rate sitting below 1 per cent in April.”
The report showed Perth and Canberra saw the largest increases to vacancy in April, each up 0.18 percentage points to 1.05 per cent and 1.56 per cent, respectively.
Hobart and Sydney followed for the second and third largest increases to vacancy in April, rising 0.16 percentage points and 0.14 percentage points, respectively.
Likewise, Melbourne’s vacancy rate eased, rising 0.09 percentage points to 1.23 per cent in April.
Originally published as More choice for Townsville tenants