Full to the brim: Noosa bucks trend as rental crisis spreads further

Brisbane’s rental vacancy rate was worsening but regional areas like Goondiwindi and Southern Downs were at rock bottom with a rate barely above zero, according the Real Estate Institute of Queensland.

Jul 21, 2022, updated Jul 21, 2022
Queensland's rental crisis has deepened in many areas (AAP Image/James Ross)

Queensland's rental crisis has deepened in many areas (AAP Image/James Ross)

However, there was a ray of hope in tourists towns like Noosa and Caloundra where the vacancy rate increased, although the REIQ had no way of explaining it.

REIQ chief executive Antonia Mercorella said Queenslanders had been enduring wafer-thin vacancy rates for some time now and the conditions were having social and economic ramifications.

She said the fact inner-city Brisbane’s rental market grew significantly tighter this quarter (0.8 per cent) could be a sign of just how depleted supply in the capital city had become.

“Typically, inner-city apartment supply is more bountiful and keeps Brisbane’s vacancy rate quite buoyant, but what we’re seeing now, is that even this market is being filled to the brim,” she said.

“Real estate agents in regional parts of Queensland have reported that incredibly tight vacancy rates are making it tough for hospital workers, teaching staff, and students to find a place to live in proximity to their essential work or study.

“These people bring skills and spending to the regions, all contributing to the economic prosperity and social fabric of the area, and it’s a truly concerning loss to these communities when they simply cannot house them.

“People are also slipping through the cracks in the growing queues for social housing, and there’s no doubt that the Government’s poor planning and lack of forecasting for our future needs has played a fairly significant role in where we find ourselves today.

“What we need now is creative solutions to breathe the life back into our flatlining vacancy rates and a genuine long-term plan for housing our population now and into the future.”

The REIQ data showed vacancy rates in Maryborough and the Tablelands was 0.2 per cent, while Banana (0.5 per cent), Charters Towers (0.4 per cent) and Isaac (1 per cent) all had falls in the vacancy rate.

Gladstone was at 1 per cent, Mackay and Townsville were at 0.5 per cent while Mt Isa was level with Noosa at 1.1 per cent.

Rockhampton (0.4 per cent), Toowoomba (0.3 per cent), Cook (0.4 per cent), the Scenic Rim and Lockyer Valley (0.5 per cent) all had plateuing rates.

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