Queensland rental vacancies rise in half of regions but crisis remains

More than half of Queensland recorded an uptick in rental vacancies over the past three months, with two regions now considered “weak” markets with tenants spoiled for choice. The Bay Islands region, which includes Russell Island, Macleay Island, Lamb Island, and Karragarra Island, and the Isaac region, recorded vacancy rates of 4.3 per cent and 6.2 per cent respectively. A healthy market is within the 2.6 to 3.5 per cent, while a weak market is north of 3.6 per cent. 1D Bayview Road, Russell Island, is listed for $660 a week But everywhere else remains in “constrained” territory, with 29 of the 50 regions reporting “measly” vacancy rates of one per cent or less. Statewide, the vacancy rate sits at one per cent, according to the latest REIQ Residential Vacancy Rate Report for the June quarter. REIQ CEO Antonia Mercorella said that while the vacancy rate data showed more availability, the market remained far from balanced. “We’re seeing more regions relax than tighten, particularly across parts of regional Queensland, but we’re still a long way from what anyone would call a healthy rental market,” Ms Mercorella said. “We’re hearing reports of more break leases, more tenants trading ...