The Gold Coast market has seen a dramatic tightening in rental stock available, with the median vacancy rate down from a peak of 10 per cent in May to a tight 1.1 per cent, as of September figures.
While regional and satellite property markets are experiencing an uplift in transaction activity throughout the pandemic, Queensland’s quarterly rental vacancy rates show 100 per cent of the state’s regions have experienced a drop in vacancies, according to vacancy data released by the Real Estate Institute of Queensland.
REIQ data show 96 per cent fall within a tight rental inventory range (deemed as between 0-2.5 per cent) and 4 per cent within a healthy rental inventory range (between 2.5-3.5 per cent) or above.
REIQ chief executive Antonia Mercorella said a number of rental markets across the state experienced shocks to demand and supply over the last six months.
“With Queensland’s overall quarterly vacancy rate retracting from 2.44 per cent to 1.49 per cent over three months, this is the first time since the outbreak of Covid-19 that every market is showing growth as vacancy rates continue to shrink.
“The pandemic has definitely caused a shift for a lot of people in not only the way they want to live but where they want to live, and it seems south-east Queensland is our biggest beneficiary these last three months,” Mercorella said.
Figures for July to September show the Gold Coast’s southern areas recorded some of the lowest vacancies, with an extremely tight median of 0.3 per cent.
Suburbs at the southern end of the Gold Coast include Burleigh Heads vacancy rate which hit 0.4 per cent, Coolangatta 0.2 per cent, Currumbin 0.6 per cent, Palm Beach 0.1 per cent, and Miami 0.4 per cent.
Moving west on the Gold Coast, the vacancy average has dropped from 2.2 per cent to 1 per cent.
The suburb of Mudgeeraba recorded a tight 0.4 per cent; Nerang 0.5 per cent; and Oxenford 0.3 per cent.
On the northern end of the region, the median vacancy is 1.3 per cent, down from 3.2 per cent in areas including Coomera at 0.7 per cent, Helensvale 1.6 per cent, Hope Island 1.6 per cent, Southport 1.5 per cent, Pimpama 0.4 per cent and Upper Coomera 0.7 per cent.
And the glitter strip’s downtown Surfers Paradise precinct has recorded a drop from 5 per cent to 2.1 per cent, for the first time in two years.
North of Brisbane, vacancy rates for the Sunshine Coast recorded a drop coming into Spring, with a -1.5 per cent drop to 0.5 per cent.
Noosa recorded similar results with vacancies tightening to 0.6 per cent. Moving inland across the hinterland region, figures show the average vacancy rate reflected a 1.7 per cent decrease to 0.4 per cent.
The latest lending figures from the Australian Bureau of Statistics (ABS) for September show more than $5 billion worth of new investor loan commitments were recorded—a similar value to February, and pre-pandemic levels.
Monday’s ABS statistics show new loan commitments for property investors increased by more than five per cent in September, following a nine per cent jump in August.