Toowoomba rental vacancies plummet to 0.8%
TOOWOOMBA still has the tightest rental market in Queensland with a vacancy rate of only 0.8 per cent.
The first quarter of 2013 saw mixed fortunes for rental markets across Queensland, according to the latest Real Estate Institute of Queensland results.
The rental market tightened even further in the Toowoomba region, with a vacancy rate of 0.8 per cent recorded as at the end of March.
Over the past year, vacancy levels have remained extremely low.
During the survey, REIQ accredited agents made note of a chronic under-supply of the "right" property to meet rental demand.
The survey found some key mining areas experienced significant vacancy rate falls.
The results highlight the profound influence resource companies have on some regional rental markets, though most major regions throughout the state had posted a vacancy rate of 2.5 per cent or less.
A vacancy rate of 3 per cent is generally considered to be the equilibrium point of supply and demand.
"Mackay and Gladstone both recorded significant increases in vacancy rates as at the end of March due to less demand for rental properties from mining companies, and an element of increases in the supply of rental stock," REIQ CEO Anton Kardash said.
"On the other hand, Toowoomba retained its mantle as one of the tightest rental markets in the State, and Bundaberg also recorded constrained rental conditions due to the floods in their region earlier this year."
The REIQ March vacancy rate for Bundaberg equaled to Toowoomba's 0.8 per cent, down from 2.4 per cent at the end of December.
A number of REIQ accredited agents have been receiving between at least six to 10 applicants per rental listing.
Residential vacancy rates
|AS AT END OF:||Mar-13||Dec-12||Mar-12||Current market condition|
|Brisbane Inner (0-5km)||2.0%||2.0%||1.4%||tight|
|Moreton Bay Regional||2.4%||2.5%||3.0%||tight|
|Gold Coast City||2.5%||2.7%||3.9%||healthy|
|Sunshine Coast Regional||2.2%||1.7%||3.1%||tight|
|MAJOR REGIONAL CENTRES|
|Fraser Coast Regional||2.9%||3.3%||3.8%||healthy|
|OTHER REGIONAL AREAS|
|South Burnett Regional||6.0%||N/A||4.5%||weak|
|Southern Downs Regional||6.2%||7.1%||N/A||weak|