The home at 260 Dalrymple Rd, Vincent, is for lease for $560 per week. Picture: realestate.com.au
The Townsville rental market has eased slightly with more homes being listed for lease and the vacancy rate lifting, but tenants are paying 12 per cent more on average than they were a year ago.
The latest PropTrack Rental Report showed the median rent in Townsville increased 12.5 per cent annually in September to sit at $495 per week.
This was also up 2.1 per cent in the September quarter.
New Townsville listings on realestate.com.au were up 0.4 per cent year-on-year in September while total listings were sitting 6.6 per cent higher in the same time.
Townsville rentals were listed for 19 days on average, up from 18 days a year ago, while the average enquiries per listing jumped 9.1 per cent to 25.65.
The PropTrack report showed the Townsville vacancy rate was sitting at 1.29 per cent last month, up from 1.06 per cent in September 2023, and rental yields were sitting at 6.2 per cent, down 0.22 per cent annually.
REA Group Director of Economic Research, Cameron Kusher. Picture: Supplied
REA Group Director of Economic Research, Cameron Kusher said in regional Queensland, rental supply grew slightly in the past year with total listings lifting 2.1 per cent, despite new rental listings declining 0.3 per cent.
“In regional Queensland, average enquiries per listing were up 11 per cent from September 2023 while the median time a rental spent advertised on realestate.com.au increased by one day year-on-year to 19 days,” he said.
In Brisbane the number of vacant rental properties was 0.09 percentage points higher year-on-year, at 1.1 per cent.
“Demand for Brisbane rental properties eased in September, as average enquiries per listing fell 7.9 per cent annually, while rental properties spent an extra three days advertised on realestate.com.au on average compared to September 2023,” Mr Kusher said.
“Brisbane’s median rent rose 6.9 per cent over the year to $620 per week in September, this growth was at a slower rate compared to the year to September 2023 (+11.5%).”
The home at 20 Curtin Pl, Douglas, is for rent for $550 per week. Picture: realestate.com.au
Mr Kusher said nationally, annual rental growth slowed in September, rising at half the rate compared to a year ago.
“However, at 7 per cent, annual growth of advertised rents still outpaced inflation, making it difficult for renters to afford properties,” he said.
“In response to higher rental costs, tenants may look to reduce the size of their rental, move to a less desirable location or share their rental property with others to reduce the cost.
“This was evident across the country, where more affordable rental markets in outer areas and regions have typically seen stronger rental growth, lower supply and higher demand, while higher priced inner-city markets typically saw lower rental growth, higher supply and lower demand.”
Mr Kusher said the challenging rental conditions also likely encouraged more renters with the means to exit the rental market and purchase their own property.
“As rental growth has slowed and supply increased, the market appears to be beginning the transition from one that was strongly in favour of landlords towards more balanced conditions,” he said.
“Even so, the market remains much tighter compared to prior to the pandemic and we expect rents to maintain an upward trend and supply to remain low on a historic basis.”
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