Rental market strengthens as population increases
Supply plays pivotal role in shaping state of Qld property market
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
THE Queensland rental market has strengthened again for the June quarter.
And the Sunshine Coast has remained at one of the tightest regions with vacancies holding steady at 2%.
Population increases has been the main factor, together with supply of new housing stock.
Queensland's annual population growth has been 1.7% or about 83,330 new residents for the year to March 2018. This has helped absorb about 6200 net new rental properties over the September quarter and more than 21,120 net new rental properties for the past year.
Supply has also played a pivotal role in shaping the current state of the rental market.
Tighter lending criteria and higher interest rates continue discouraging individual investors to enter the property market and limiting the increase in rental supply.
This could potentially change if more new rental supply is released directly by developers into the rental market.
REIQ CEO Antonia Mercorella said continued population growth required an increasing level of supply to ensure rental markets remained stable.
"Renting is slowly on the rise and we can see from the data that we need moderate levels of additional supply.''
Sunshine Coast vacancies held steady at 2% for the September quarter, with the sub-regions moving at different speeds but all performing reasonably well.
The rental markets of Noosa and Caloundra Coast were the tightest markets in the region with vacancies of 1.8%.
Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have generally trended upwards in the Sunshine Coast local government area and Noosa Shire for the past year.
The main exception was the rental market for three-bedroom townhouses in Noosawhich has seen rent drops as demand has stabilised.
Originally published as Rental market strengthens as population increases
Inside new mission to return dilapidated Qld resorts to glory days
A Queensland MP and mayor are Japan-bound for face-to-face talks with the Iwasaki boss over stalled plans for the once-grand Capricorn Resort with a stop also planned in China over the future of another Great Barrier Reef gem.
Mansions, waterfront units, whole island: Top 10 sales of 2024
From luxury apartments on Hamilton to an entire island, these were some of the biggest property sales of 2024 across the Mackay and Whitsundays regions.
Exclusive celeb-style mansion where Qld couples can now marry
A sprawling Mediterranean-inspired mansion in the Whitsundays with its own marina and helipad will open for wedding bookings. And it’s not the only new option for couples planning to tie the knot in the tropics.
10 bidders: Island that inspired Chronicles of Narnia sold for amazing price
An Aussie island that inspired beloved cult classic The Chronicles of Narnia has sold at auctionwith 10 local, interstate and overseas bidders competing for the stunning retreat.
Hotel ditches gaming room plan, adds beer garden
An iconic hotel has changed its expansion plans from a gaming room extension to potentially adding a beer garden and new bar.
Four new units coming to support single, homeless women
The Whitsundays Housing Company will build new, self-contained units in a regional town to help provide single women over 55 with affordable and safe housing.