REIQ quarterly report reveals Gympie’s tight rental vacancy rate

New statistics showing a minor lift to vacancy rates but experts say the ‘sad reality’ is that there is no end in sight for Gympie’s rental crisis.

Real Estate Institute of Queensland CEO Antonia Mercorella said there is no end in sight for the rental housing crisis in Gympie.

Despite a slight lift in vacancy rates across the Gympie region, experts say there is no “silver bullet” fix to the housing crisis plaguing Queensland.

Real Estate Institute of Queensland’s quarterly report reveals the current vacancy rate in Gympie is 0.4 per cent.

This marks a 0.1 per cent increase compared with the last quarter.

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REIQ said a healthy vacancy rate sits between 2.6 and 3.5 per cent.

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Chief executive officer Antonia Mercorella said it was unlikely renters will see any relief from the tight market in the foreseeable future.

“These statistics aren’t just numbers, they tell a story about how challenging it is for people struggling to find a home,” Ms Mercorella said.

“While I wish I could tell these people that we can see light at the end of the tunnel for them, the sad reality is that renters could be enduring this tight market for some time.”

This also marks the ninth quarter of below 1 per cent vacancy rates across Queensland and below 0.5 per cent for Gympie.

Ms Mercorella said there were 55,000 fewer rental properties than expected based on historical trends.

“Some of this sizeable rental market shortfall was accounted for, but the remaining ‘missing’ properties were not able to be explained,” she said.

“We have been warning for some time now that regulatory intervention, including more onerous lending changes and tougher tenancy laws, has an impact on investment.”

Originally published as REIQ quarterly report reveals Gympie’s tight rental vacancy rate