Rents expected to drop as vacancies lift in Brisbane

first_img3/47 Haig Street Gordon Park Qld 4031: Priced at $378 per week (from $415p/w previously). Two bedrooms, two bathrooms and single car space, available now. Picture:“In Sydney too, despite high levels of inner-city apartment construction, the vacancy rate is just 1.7 per cent across the city and 0.3 per cent in the CBD. We may, however, see a bounce in April across cities as demand for rental properties drops back.”The calculations were based on online rental listings that were advertised for three weeks or more, the firm said.Brisbane’s vacancy rate was the third highest in the country behind Perth (4.7 per cent) and Darwin (3.5 per cent). Adelaide was 1.8 per cent, Canberra at 0.8 per cent and Hobart the lowest at 0.6 per cent. More from newsMould, age, not enough to stop 17 bidders fighting for this home6 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor6 hours ago1/90 Douglas Street St Lucia Qld 4067: Advertised as “rent reduced” to $350 per week. Two bedrooms, one bathroom and single car space, available now. Picture: SQM Research Weekly Rents Index showed houses had flatlined in Brisbane over the 12 months to March to $446.70 per week, while units were $369.40, down 0.7 per cent over the year.Brisbane’s vacancy rate in March last year was 2.5 per cent with 9424 vacancies. SQM Research managing director Louis Christopher expected lower vacancy rates early in the year but was surprised at how well the two biggest capitals had absorbed high unit levels.“Vacancies usually drop in the early months of the year as people return to their jobs after the summer break and students go back to universities in March. Significantly, the vacancy rate continued to fall in Melbourne, despite predictions of apartment oversupply. Even in the spots where we would have expected to see oversupply, such as Docklands and Southbank, we are not seeing it, where there are thousands of apartments, new and old. 7/3 Amisfield Ave Nundah Qld 4012: Now priced at $385 per week (from $397p/w previously). Two bedrooms, two bathrooms and single car garage, available Now. Picture: rents to drop in Brisbane with latest figures showing its vacancy rate around double that of Sydney and Melbourne amid over 11,000 vacancies.Brisbane now has the most rental property vacancies of all major capitals, overtaking Sydney which has dropped to just over 10,000 from 12,000 in February, according to latest data by SQM Research.It found nationally the vacancy rate had tightened 0.1 percentage point to 2.3 per cent in March, with Melbourne at 1.5 per cent, Sydney at 1.7 per cent and Brisbane at 3.2 per cent.While the other eastern capitals were expected to see “upward pressure likely to be maintained on rents”, Brisbane was expected to see rents fall though that was not overwhelmingly evident as yet.last_img read more

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