Healthy change for the Gold Coast's rental market 

30/07/2019

The Gold Coast has turned a corner following a persistently tight rental market, with the June quarter vacancy rate report showing a jump to 2.8 per cent, moving the market into the heathy range for the first time in ten quarters. 

The vacancy rate has remained below 2.5 per cent since December, 2016, when the rate sat at 2.5 per cent – on the cusp of healthy and tight, while the previous 13 quarters sat well within the tight range. 

The Gold Coast’s rental market hasn’t been comfortably healthy since 2013.

Greater Brisbane’s rental market remained in the upper end of the tight range for the fifth consecutive quarter, with a vacancy rate of 2.4 per cent, up from 2.2 per cent the previous quarter. 

The Greater Brisbane area hasn’t seen a healthy rental market since March, 2018.  That market had been consistently healthy since December 2015, peaking in the September quarter of 2016 at 3.3 per cent and declining steadily ever since. 

Maryborough has become Queensland’s tightest rental market with vacancy rates plummeting to 0.3 per cent over the March quarter, down from 1.6 per cent in September, 2018. 

As a region, the Fraser Coast reported a vacancy rate of 0.9 per cent, pulled up slightly by Harvey Bay’s 1.4 per cent vacancy rate - making things tough for would-be renters within the region. 

Overall, Queensland’s rental market has strengthened over the quarter, reporting more tight markets and less weak markets, compared to the previous quarter, highlighting an increase in rental demand. 


Brisbane markets


The Brisbane LGA rental market shifted from tight to healthy for the quarter, with vacancies of 2.8% - up from 2.5% for the March quarter.

Inner Brisbane’s market softened, jumping from a tight 2.1 per cent to a healthy rate of 3.3 per cent, while Middle and outer Brisbane reported tight vacancies of 2.4 and 2 per cent respectively. 

Ipswich jumped from tight to healthy, with June quarter vacancy rates at 2.9 per cent. 

Logan also slid into the healthy range, showing vacancy rates of 2.5 per cent, up 1 per cent from the previous year. 


Despite softening Brisbane markets, the Greater Brisbane area has been pulled into the tight range by Moreton Bay and Redlands, with June quarter vacancy rates sitting at 1.4 per cent and 1.6 per cent respectively. 

The changing market is reflected in median rents, with three-bedroom houses, two-bedroom units and three-bedroom townhouses increasing by around 1.9% over the year from March 2018 to 2019.

Property managers have reported a persistent oversupply of unit stock on the market which is putting pressure on rent, but demand is increasing.

Coastal Markets

Gold Coast: The Gold Coast reported the most significant change, with its rental market shifting into the healthy range - 2.8% - for the June quarter, moving away from the tight range for the first time in ten quarters. 

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased by around 2.2% over the year from March 2018 to 2019.

Sunshine Coast: The Sunshine Coast rental marketed has fallen to 2.3 per cent, pushing the region into a tight status for the June quarter. 

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased by around 1.95% over the year from March 2018 to 2019.

Fraser Coast: The rental market in Fraser Coast continued to tighten for a third consecutive quarter with vacancies rates amongst the lowest in Queensland – remaining tight at 1.0% for the June quarter.

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased approximately 5.9% over the year from March 2018 to 2019.

Cairns: Rental vacancies softened substantially for the June quarter to 2.4 per cent, up from a tight 1.4 per cent the previous quarter. Cairns has remained consistently tight since September 2016.

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased by around  5.0% over the year from March 2018 to 2019.

Regional Markets

Mackay: Mackay’s rental market has plummeted into the tight range, reporting vacancy rates of 1.5 per cent in the June quarter, down from 2.9 per cent in March. 

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased approximately 6.69% over the year from March 2018 to 2019.




Toowoomba: Toowoomba remains as a solid rental market with vacancies of 1.7% for June - holding within the tight range for the sixth consecutive quarter.

Reports from property managers suggest the current market is a result of local council measures to reduce the oversupply of units in the rental market.

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased by around 3.27% over the year from March 2018 to 2019.

Bundaberg: The Bundaberg rental market has also taken a dramatic dive into the tight range, with vacancies shifting from 3.1 per cent in March to a tight 1.3 per cent in the June quarter. 

Reports from property managers suggest a high demand for mid-priced rentals with executive properties remaining vacant and subsequently putting downward pressure on rental prices.

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased approximately 7.1% over the year from March 2018 to 2019.

Rockhampton: Rockhampton’s rental market continued to tighten for the quarter with vacancies at 1.4% , remaining in the tight range for the fourth consecutive quarter.

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased approximately 2.4% over the year from March 2018 to 2019.

Townsville: The Townsville rental market has softened significantly over the quarter, but remains in the tight status at 2.2%

Gladstone: Rental vacancies in Gladstone held steady for the quarter, remaining unchanged at a healthy 3.1%. 

Reports from property managers indicate that supply is diminishing, with low employment in the region forcing tenants to migrate elsewhere, leaving properties untenanted and forcing property owners to sell.

Median rents for three-bedroom houses, two-bedroom units and three-bedroom townhouses have increased by around 11.53% over the year from March 2018 to 2019.

-ENDS-

Media enquiries: Nicole Madigan
REIQ Media and Communications Manager 
T: 0417 623 723 E: nmadigan@reiq.com.au