This Queenslander at 148 Eyre St, North Ward, is new to the rental market at $1500 per week. Picture: realestate.com.au
The Townsville rental market continues to ease with the vacancy rate up for the month, the quarter and the year.
The latest PropTrack Market Insight Report, released this week, showed the number of homes available to rent in Townsville increased 0.07 percentage points in July to 1.43 per cent.
The vacancy rate was also up 0.17 percentage points in the July quarter and 0.26 percentage points year-on-year.
PropTrack senior economist, Anne Flaherty said in wider regional Queensland the vacancy rate remained stable in July, at 1.27 per cent.
Across the quarter, the number of vacant rentals in regional Queenslands rose 0.08 percentage point, but this figure was down 0.07 percentage points compared to July 2023.
In Brisbane, the vacancy rate fell by 0.05 percentage points in July to 1.16 per cent.
RELATED: Qld waterfront locations where it is cheaper to buy than rent
Townsville buyers paying a higher price
‘I wanted it so bad’: OnlyFans star’s mega impulse buy
PropTrack senior economist, Anne Flaherty. Picture: Supplied
“Compared to July 2023, the vacancy rate (in Brisbane) has risen by 0.1 percentage points,” Ms Flaherty said.
“The share of rental properties vacant and available in Brisbane and regional Queensland have significantly declined compared to the start of the pandemic in March 2020 (down 47 per cent and 48 per cent respectively).”
The PropTrack report showed the national rental vacancy rate dropped by just 0.01 percentage points in July to 1.42 per cent.
“The slight drop in vacancy was driven by regional markets, which recorded a 0.04 percentage point decline month-on-month to 1.28 per cent,” Ms Flaherty said.
“Capital cities, in contrast, held steady at 1.47 per cent over July.”
The highest capital city vacancy rate was in ACT at 2 per cent, followed by Sydney (1.68 per cent), Melbourne (1.56 per cent), Perth (1.26 per cent), Brisbane (1.16 per cent), Hobart (1.11 per cent), Adelaide (1.06 per cent) and Darwin (1.03 per cent).
The three-bedroom home at 18 Pendula Place, Kirwan, is newly for rent for $550 per week. Picture: realestate.com.au
“While conditions remain incredibly tough for Australia’s renters, rental supply has improved over the past three months, with the national vacancy rate rising,” Ms Flaherty said.
“Capital cities have seen the largest improvement, with vacancy up in six of the eight cities over the quarter.
“Supporting the rise in capital city vacancies has been an increase in investor activity, with the number of new loan commitments to investors up 25 per cent over the June quarter of 2024 compared to the same period last year.”
Ms Flaherty said higher investor activity resulted in more rental properties hitting the market, helping to counteract the increase in demand from population growth.
“Regional areas, in contrast, have seen conditions deteriorate further, with vacancy falling to 1.28 per cent in July,” she said.
“Vacancy in the regions has now held below capital city levels for three consecutive months.”
English (US) · 