Despite latest figures showing a slight increase in vacancy rates, Brisbane’s rental market is still incredibly tight.
New figures from the Real Estate Institute of Queensland show that the vacancy rate has grown by 0.2 per cent in the Brisbane statistical division during the June quarter.
Meanwhile, according to the latest rental data from the Residential Tenancies Authority, rents have risen to a median of $400 a week for a three-bedroom home in Brisbane. This is a slight increase, up from $390 at the same time last year.
The recent Real Estate Institute of Queensland residential rental survey found that the vacancy rate in the Brisbane statistical division is currently 2.4 per cent.
A vacancy rate of anything under 3 per cent is considered tight.
It was also reported that properties renting for between $400 and $500 a week were most in demand, resulting in many potential renters increasing their budgets.
Real Estate Institute of Queensland CEO Anton Kardash said the vacancy figures were tracking pretty much as he would expect at this time of year.
“It’s a very healthy market if you are an investor,” he said.