The Gold Coast’s rental market has shown no sign of easing, currently sitting at a critically low 0.6% vacancy.
New figures released today by the Real Estate Institute of Queensland’s (REIQ) show the city has seen an “immaterial lift” of just 0.1% in the September quarter.
A healthy vacancy rate sits between 2.6% and 3.5%.
REIQ CEO Antonia Mercorella says it’s unlikely vacancy rates would see any significant shifts in the foreseeable future due to complex supply and demand constraints.
“While I wish I could tell these people that we can see light at the end of the tunnel for them, the sad reality is that renters could be enduring this tight market for some time,” Ms Mercorella says.
“In Queensland, the average household size has reduced to only 2.5 persons per dwelling, which has put extra strain on our housing supply – and that’s even before looking at the extraordinary external pressures from high levels of migration, and immigration to come.
“We know there are various obstacles which have been holding back our state’s housing supply and pathways to home ownership. This is what needs to be rectified in order to restore some balance to the market and address the true cause of the crisis – while also finding remedies for the symptoms.”
Across Queensland as a whole, the vacancy rate sits at 0.6%.
The September quarter figures show a number of areas had plateauing vacancy rates compared to the previous quarter, and for the areas that did experience a shift, most only saw a minimal 0.1% movement up or down.
Out of the 50 local government areas and sub regions, 14 regions experienced an immaterial lift up by 0.1%, including the Gold Coast.
While 19 markets plateaued this quarter, including Brisbane, and nine markets fluctuated down slightly by 0.1%.
In many parts of the state, the September quarter 2022 figures represent the ninth consecutive quarter of sub 1% percent vacancy rates
The Queensland Housing Summit held last month conceded there is no silver bullet that would solve the housing crisis overnight.
