New REIQ figures report healthy Cairns rental market

Cairns rental market

 

THE Cairns rental market is proving “healthy” because of stronger employment opportunities.

Source: The Cairns Post 28 October 2015

New Real Estate Institute of Queensland (REIQ) vacancy rate data for September has revealed steady numbers for the Cairns region.

REIQ CEO Antonia Mercorella said Cairns was one of the best performing regional centres, with a drop from 2.7 per cent to a 2.6 per cent vacancy rate.

She said it reflected continued employment and improvements in the tourism market.

Across the rest of the state, the rental markets from Gympie south to the Gold Coast and west to Toowoomba are largely at historically tight levels and parts of the Sunshine Coast are registering less than one per cent vacancy.

“We’re seeing strong demand for rental properties in these areas and while a small level of this demand is seasonal, it does mean good news for investors who have certainty around finding tenants for their properties,” said.

Brisbane continued its long-term trend with a vacancy rate of 2.8 per cent, which was still in the healthy range, Ms Mercorella said.

“We continue to see strong demand for dwellings in the Brisbane market and despite some commentators who suggest that we are facing a glut the data tells a different story.”

The Gold Coast dropped from 2.3 per cent to 1.7 per cent, while the greater Sunshine Coast area recorded a drop from 1.6 per cent to 1.3 per cent.

Likewise, the news was good in Toowoomba as the vacancy rate dropped from 3.1 per cent to 2.7 per cent.

To the north, Gladstone recorded a weakening in its vacancy rate from 5.2 per cent to 7.1 per cent and Rockhampton revealed a steadily improving picture with the vacancy rate moving from 6.0 per cent to 4.5 per cent.

Mackay’s vacancy rate held steady at 9.1 per cent for a second consecutive quarter, while Townsville held relatively steady at 5.6 per cent, up marginally from 5.3 per cent.

 

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Jason Thomson | Mortgage Adviser and Finance Broker | Smartline Cairns

 

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