Fewer rentals available around Mackay

July 24, 2023 7:33 am in by
©AAP 2023

The Real Estate Institute of Queensland (REIQ) says consecutive lifts in the state’s quarterly residential vacancy rate is a promising sign that rental conditions are improving.

We’ve seen an increase in Whitsunday’s rate over the June quarter.

It’s now sitting at 1.1%, while Mackay’s level has fallen slightly to 0.8%.

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But just because more properties are available, doesn’t meant they’re affordable.

Locals are continuing to be priced out of the rental market, opting to move in with relatives or get roommates.

REIQ CEO Antonia Mercorella says the movement over the quarter shows we are crawling towards healthier rates across most of the state.

“We’re starting to see some early signs of the rental market starting to soften just ever so slightly, with vacancy rates showing small increases in the majority of regions,” Ms Mercorella says.

“It was too early to call in the March quarter, which also saw a slight lift, but now with back-to-back, quarter on quarter improvement, we can see some promising green shoots.

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“There is still a long way to go for Queensland’s rental market to reach healthy rates, but these results are a step in the right direction with a little more movement and increasing opportunity and choice for renters wanting to get into the market.

“This is consistent with what real estate agents on the ground are telling us. They say there’s more rental housing stock freeing up, particularly in higher price point suburbs which have probably hit the peak of rent increases.

“Necessity is the mother of invention, and because people have been unable to find the type of rental property they are looking for, in the area they’re looking for, and something that works within their budget restraints, they are thinking outside of the box, adapting, and finding alternative solutions.

“These alternative arrangements include moving back in with parents where possible, moving in with other tenants in a co-tenancy instead of sole tenancy, and looking for units or townhouses instead of a freestanding home, or casting their net wider by looking at nearby localities with greater supply.”