Rental crisis takes ‘toll’
ESSENTIAL workers such hospital workers and teaching staff, even students, are struggling to find a rental as Queensland’s vacancy rates plummet to punishing new lows across parts of the state.
The REIQ’S Residential Vacancy Report for the June Quarter 2022 shows that vacancy rates have fallen again across 21 of the 50 Queensland housing markets, with two regions – Goondiwindi and Southern Downs – practically putting up the “no vacancy sign” with just 0.1 per cent of stock on the market. And Queensland’s peak real estate body lays the blame for the ongoing housing crisis squarely at the feet of the State Government.
REIQ CEO Antonia Mercorella said quarter after quarter of drastically low vacancy rates were taking a toll on Queensland.
“Queenslanders have been enduring these wafer-thin vacancy rates for some time now and these conditions are understandably having both social and economic ramifications,” Ms Mercorella said.
“Real estate agents in regional parts of Queensland have reported that incredibly tight vacancy rates are making it tough for hospital workers, teaching staff, and students to find a place to live in proximity to their essential work or study.
“These people bring skills and spending to the regions, all contributing to the economic prosperity and social fabric of the area, and it’s a truly concerning loss to these communities when they simply cannot house them.
“People are also slipping through the cracks in the growing queues for social housing, and there’s no doubt that the government’s poor planning and lack of forecasting for our future needs has played a fairly significant role in where we find ourselves today.
“What we need now is creative solutions to breathe the life back into our flatlining vacancy rates and a genuine long-term plan for housing our population now and into the future.”
The vacancy report has revealed that rental stock has dwindled further in Hervey Bay, down 0.2 per cent to 0.6 per cent, while vacancies in
Banana (0.5%), Charters Towers (0.4%), and Isaac (1%) all fell 0.2% over the quarter, while Gladstone (1%), Mackay (0.5%), Townsville (0.5%), Cassowary Coast (0.8%), Central Highlands (0.6%), Livingstone (0.4%), Mareeba (0.3%), and Mount Isa (1.1%), all experienced reductions of 0.1 per cent.
Burdekin in North Queensland had the most notable drop, halving to 0.5 per cent.
Brisbane Local Government Area (LGA) vacancies dropped to a new low of just 0.8 per cent with fewer options for renters than ever before, dragged into even tighter territory by the inner-city suburbs (1%) which had a significant fall of 0.5 per cent this quarter.
Ms Mercorella said the fact inner-city Brisbane’s rental market grew significantly tighter this quarter could be a sign of just how depleted supply in the capital city had become.
“Typically, inner-city apartment supply is more bountiful and keeps Brisbane’s vacancy rate quite buoyant, but what we’re seeing now, is that even this market is being filled to the brim,” she said.