نیوز کارپوریشن آسٹریلیا نیٹ ورک

The vacancy rate continues to drop in Townsville.

---

Townsville’s rental vacancy rate continues to shrink, leaving would-be tenants competing for fewer properties in the local market.

The latest PropTrack Market Insight Report revealed the vacancy rate in the NQ capital dropped 0.2 percentage points in February to sit at 1.14 per cent.

This was up 0.21 percentage points quarterly but down 0.31 percentage points year-on-year.

PropTrack senior economist and report author, Paul Ryan said the vacancy rate also declined in regional Queensland as a whole in February, down 0.08 percentage points month-on-month to sit at 1.03 per cent.

“Compared to February 2023, the vacancy rate in regional Queensland was down 0.34 percentage points – the second largest annual decline of all markets,” he said.

PropTrack senior economist Paul Ryan. Picture: Supplied

---

In Brisbane, the vacancy rate fell 0.04 percentage points to sit at 0.95 per cent in February, making it the third tightest rental market in the country.

“Compared to February 2023, Brisbane’s vacancy rate was a slight 0.01 percentage points lower,” Mr Ryan said.

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

MORE NEWS: Crazy way 8yo earned $170k

QLD dominates Australia’s top 10 investor hot spots

NRL نے آسٹریلیا کی امیر ترین خاتون سے خریدی گئی Qld اعتکاف کی عظیم فہرستیں

The report showed the combined capital city vacancy rate was sitting at 1.04 per cent in February.

“Rental markets are proving extremely challenging for renters, with very limited availability across most of the country,” Mr Ryan said.

“February saw rental vacancy rates decline further, down 0.12 percentage points to hit a fresh (national) low of just 1.07 per cent.

“Most capitals and regional areas were facing a limited or more limited availability than they were compared to a year ago,” he said.

“Sydney and Melbourne have seen notably larger declines than other capitals, with vacancy rates in both cities falling 0.3 percentage points compared to February 2023.

“Rental markets in Brisbane, Adelaide and Perth remain extremely challenging, with vacancy rates in all three cities below 1 per cent.”

As the rental market tightens in Townsville, there are fewer homes, like this one new to rent at 6 Elford Pl, Mount Louisa, becoming available. Picture: realestate.com.au

---

The tightest capital city market was Perth, at 0.75 per cent, followed by Adelaide (0.83 per cent), Brisbane (0.95 per cent), Melbourne (1.07 per cent), Sydney (1.11 per cent), Hobart (1.2 per cent) and Darwin (2.58 per cent).

Regional Australia as a whole recorded a vacancy rate of 1.14 per cent.

The prevailing rental market was at its tightest in regional South Australia (0.96 per cent), followed by regional Queensland (1.03 per cent), regional Victoria (1.11 per cent), regional Tasmania (1.18 per cent), regional News South Wales (1.22 per cent), regional Western Australia (1.47 per cent) and then the regional Northern Territory (2.2 per cent).

Mr Ryan said with rental market conditions extremely tight, competition for rentals was likely to remain tough across Australia.

“In the near-term, that is likely to continue to put pressure on rents and further strain rental affordability, which is already at its worst level in at least 17 years,” he said.