New data has revealed improving conditions in regional Queensland property, which according to the Real Estate Institute of Queensland shows the area is “nurturing green shoots of recovery”.
According to March quarter vacancy rate results from the REIQ, regional Queensland’s rental market is showing “promising signs”.
REIQ CEO Antonia Mercorella explained: “Improving key economic indicators, including the stronger price of coking coal, and the lower Aussie dollar boosting tourism numbers, are clearly giving regional Queenslanders cause for optimism.
“The housing market in regional Queensland is closely tied to these two industries and we can see that workers are being attracted back to these cities with the tightening of vacancy rate figures.”
Gladstone posted the strongest performance in the March quarter data, falling 3.5 percentage points to 6.4 per cent, its lowest vacancy rate since June quarter 2015.
Mackay also improved, falling 1.5 percentage points from 7.9 per cent to 6.4 per cent, its lowest level since September 2013.
Townsville fell 0.2 percentage points to 6.2 per cent, the lowest vacancy rate since March 2016.
Toowoomba held steady, moving from 2.8 per cent to 2.9 per cent.
Rockhampton and Bundaberg increased between 0.8 and 4.3 percentage points in both markets.
The REIQ said the south-east corner remains the strongest performer in the Queensland housing market, with vacancies remaining tight in both the Sunshine and Gold Coasts.
Pine Rivers at Moreton Bay is the tightest rental market in the state, at 1.3 per cent.