Rentals disappearing as Brisbane moves towards landlord’s market

first_imgBrisbane’s rental vacancy rate has declined for a sixth straight month, according to SQM Research.BRISBANE is fast becoming a landlord’s market as rentals are snapped up by southerners fleeing Sydney and Melbourne for a taste of the sunshine state.New figures from property valuation firm SQM Research reveal rental vacancies in the Queensland capital fell for a sixth straight month in August to 2.8 per cent — down from 3.4 per cent a year ago. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago Brisbane’s rental vacancy rate fell to 2.8 per cent in August, according to SQM Research. Image: AAP/James Ross.Around 9500 residential rentals are sitting empty in the city, compared with more than 19,000 in Sydney, as rising demand eats up surplus stock. But in good news for tenants, rents in Brisbane are holding firm — for now.The asking rent for a three-bedroom house in the city slipped just 0.4 per cent over the past month to $450 a week, while unit rents rose slightly to $371 a week. NEWS PRESENTER’S PLACE TO LET OFF STEAM BRISBANE UNITS SAFE AS HOUSES Brisbane is becoming a landlord’s market, with more people moving to the city to rent.SQM Research managing director Louis Christopher said Brisbane was experiencing a sustained reduction in its vacancy rate, driven by underlying demand sparked by a peak in housing completions and increased interstate migration.“The worst is definitely behind the Brisbane housing market, there is no question about that, and our expectation is vacancy rates will continue to fall from these levels,” Mr Christopher said.“There are more southerners moving from Sydney and Melbourne to southeast Queensland to take advantage of the standard of living and better housing affordability — both on the buyer front and the rental front.“Why this is happening now, as opposed to five years ago, is because job creation has increased in the Brisbane and southeast Queensland economy.”But Mr Christopher said the vacancy rate needed to get closer to 2 per cent before Brisbane could officially be declared a landlord’s market.He said asking rents would also likely start to rise as the vacancy rate continued to tighten.“When we do get close to that 2 per cent mark, that will put upward pressure on rents.” The national vacancy rate slipped to 2.1 per cent in August, according to SQM Research. The national residential vacancy rate dipped to 2.1 per cent in August, with 70,447 properties sitting empty across the country. Sydney’s vacancy rate is the highest in 13 years, with 2.8 per cent of the city’s units and houses unoccupied, yet the asking rent for a three-bedroom house in the city is still the highest in the country at $708 a week.last_img

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