As Australians continue to flock to the Sunshine State in search of a safe haven, some parts of Brisbane have recorded record low vacancy rates.
Government initiatives that aimed to support renters suffering financially as a result of the pandemic have also meant that many are staying put, which has also kept vacancy rates worryingly low in parts.
Real Estate Institute of Queensland CEO Antonia Mercorella says that although Brisbane’s market is on the up, it’s not out the water just yet.
“In the last six months we’ve witnessed some record lows across capital city suburbs; figures we’ve certainly not seen for well over a decade,” she says.
“It’s a similar scenario as you travel around the wider regions of Brisbane including Ipswich, Logan, Morton Bay and Redlands, which all have uncomfortably low stock levels around 1 per cent.
“While it’s extremely pleasing to see vacancy levels improve within the CBD, the market has yet to fully rebound. The capital was severely hit by COVID-19, particularly when businesses were forced into lockdown,” Antonia explains.
The surge in interstate migration, particularly to areas such as the Gold and Sunshine coasts, has meant rental vacancy rates remain deadlocked at 0.3 per cent, as people from Sydney and Melbourne look to swap the city for the surf and head up the coast.
Antonia suggests some actions that should be taken by the Palaszczuk government to ensure Queensland’s property market can continue to satisfy the growing demand. “Every Queenslander should have access to a safe, secure and affordable home that meets their needs and supports them,” she says.
“That’s why the Palaszczuk government should consider abolishing stamp duty. It’s the most significant barrier to home ownership, discouraging housing turnover, restricting mobility and property investment – something we desperately require.”