News remains mostly bleak for prospective renters in Logan with a report by the Real Estate Institute of Queensland showing that residential vacancy rates have remained at 1.0% over the last quarter.
Chyerl Pridham from DHM Realty says that migration from interstate has been a major reason rental opportunities have remained sparse.
Local Real estate Chyerl Pridham
“When we advertise for rental properties, we’re not seeing one or two people coming through, we’re seeing 20-30 people coming through.
“The problem is that they are competing with people coming up from down south, and some of them are offering 6-12 months in advance for their rent.”
REIQ CEO Antonia Mercorella says declines in vacancy rates are stabilizing, but owner-occupiers were still active in the market and buying up residential property.
“This puts owner-occupiers in competition with potential investors in the property market.”
“In addition, some investors are taking advantage of high capital growth and making a decision to sell their existing properties, which is exacerbating the limited supply of rentals.”
However, she says it’s not all bad news with the latest ABS data indicating that investors were increasingly active in the market.
“According to the ABS, new loan commitments for investor housing in Queensland reached $1.86 billion in August, the highest monthly figure since July 2007. This latest figure has climbed from a low of $0.53 billion in May 2020.”
