Good news for renters as Gold Coast vacancy rate hits highest level since 2013

first_imgThe Gold Coast’s residential rental vacancy rate has hit 2.8 per cent.THE Gold Coast’s residential rental market is the healthiest it has been since 2013, creating more of an even playing field between tenants and landlords.The Real Estate Institute of Queensland’s (REIQ) latest vacancy rates report, released yesterday, showed a slight rise to 2.8 per cent for the Glitter Strip.The city’s vacancy rate has sat below 2.5 per cent since 2016 and hasn’t reached what was believed to be a “healthy” figure for six years.The Gold Coast notched the most significant change across the Queensland markets and has the same rate as Brisbane.REIQ CEO Antonia Mercorella said the Gold Coast’s vacancy rates are healthy. Picture: Claudia Baxter.“Following a persistently tight rental market, the Gold Coast’s vacancy rates have jumped to 2.8 per cent, moving the region into the healthy range for the first time in five quarters,” REIQ CEO Antonia Mercorella said.“The last time the Gold Coast’s rental market sat in the healthy range was in the December quarter of 2016, when it just scraped in at 2.5 per cent,” she said.The previous quarter saw a 1.7 per cent vacancy rate for the city, while it was as low as 1.1 per cent in the March 2018 quarter.MORE NEWS: Why one Coast suburb’s house price has been slashed in halfMORE NEWS: Estate’s sale price just short of record It was previously reported that vacancy rates had hit a decade-high figure of 4.8 per cent in the December quarter, however the data was skewed with a high percentage of university accommodation vacancies, which the REIQ said they incorrectly took into account.The reported figure has since been amended 1.6 per cent.“A rental vacancy rate between 2.5 per cent to 3.5 per cent is considered healthy, reflecting a market where supply meets demand,” Ms Mercorella said“The Gold Coast’s return to a healthy condition could be partly attributed to reduced employment in the area, following the near completion of numerous construction projects, multiple restaurant closures and job-cuts at the Casino.More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“This, combined with the usual increase in vacancy levels during the winter months when hospitality workers often move onto other locations, has contributed to this welcome change.”Renters and landlords are now on a more even playing field on the Gold Coast.The Gold Coast’s median rental price for a house is $500 per week and $450 for a unit, according to the REIQ.“Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased by around 2.2 per cent over the year from March 2018 to 2019,” the report said.REIQ Gold Coast zone chairman Andrew Henderson said the rate rise had created a balance between tenants and investors.“It’s good news for tenants where they have some choice but is still at a level where property owners can get themselves a good tenant in a relatively short period of time,” he said.“When it gets to that tight level there’s significant competition over properties.“Good supply and demand sets a fair market value for rental prices.”Knight Frank head of project marketing Queensland Chris Litfin said the figures could be a seasonal adjustment but were heading towards a perfectly supplied market.“Three per cent is the magic number, when the market is at 3 per cent it’s considered to be an equilibrium,” he said.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:29Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:29 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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