Townsville vacancy rate on the up

The Townsville rental market has eased slightly with new data showing the vacancy rate has broken back through the 1 per cent barrier.

The latest PropTrack Market Insight Report found the vacancy rate in Townsville increased to 1.01 per cent in October, up 0.1 percentage points from the previous month.

However, the vacancy rate dropped 0.01 percentage points for the quarter and 0.07 percentage points year-on-year.

PropTrack economist and report author Anne Flaherty said in wider regional Queensland, the vacancy rate dropped 0.08 percentage points in October to hit just 0.87 per cent.

“The rental vacancy rate in Queensland is at a record low as incredibly tight conditions remain,” she said.

“Compared to October 2022, the vacancy rate in regional Queensland was down 0.17 percentage points – the biggest decline of all regional areas.”

Ms Flaherty said Brisbane was on par with regional Queensland.

“Brisbane had very few properties available to rent in October, with the vacancy rate falling 0.04 percentage points to sit at just 0.87 per cent,” she said.

“The share of rental properties vacant and available in Brisbane is now 56 per cent lower compared to the start of the pandemic.”

Nationally, the rental vacancy rate was at a record low of 1.02 per cent in October after falling 0.06 percentage points across the month.

“Tenants faced even tougher conditions in October, with the proportion of rental properties sitting vacant falling to the lowest level on record,” Ms Flaherty said.

“Just 1.02 per cent of rentals were vacant in October, with vacancies down in both capital city and regional areas and record lows reached in New South Wales, Victoria and Queensland.

“The national vacancy rate has been trending down for well over three years now – a trend that looks likely to continue off the back of strong population growth and a slowdown in the supply of new housing.

“Melbourne and Sydney have seen the sharpest falls in available rentals over the past 12 months, with vacancy down 0.55 percentage points and 0.35 percentage points respectively.

“Conditions have also deteriorated in regional areas, with vacancy down 0.31 percentage points over the quarter.”

The vacancy rate fell in all capital cities apart from Darwin in October to sit at 1.21 per cent in Hobart, 1.11 per cent in Sydney, 1.09 per cent in Melbourne, 0.87 per cent in Brisbane, 0.7 per cent in Perth and 0.67 in Adelaide.

The vacancy rate in Darwin increased 0.68 percentage points to 2.47 per cent.

Originally published as Townsville vacancy rate on the up