Across Brisbane the vacancy rate for August held steady at 1.1 per cent, the same as July, SQM Research reports.
In the CBD rental vacancy rates are a touch healthier at 2.5 per cent – but that’s a big drop from the days of unit oversupply.
Meanwhile weekly rents dropped by -1.1 per cent over the month to mid September. The drop occurred across both units (-0.3 per cent) and houses (-0.3 per cent).
But overall, rents remain about 5 per cent higher than they were this time last year.
So what does the crystal ball say will happen next?
Across Australia we’re still in a pretty tight spot for rentals and that’s not likely to change, however the largest spikes in weekly rent growth are likely behind us.
“National rental vacancy rates fell slightly in August, and we are now expecting further falls in vacancies through spring, however, this will be just a seasonal change and so we are not anticipating a reacceleration of rents, which have eased in recent month,” said SQM Research Managing Director Louis Christopher.
“Overall, the national rental market remains in severe shortage and barring some exceptions, is not expected to materially soften out of the rental crisis for some years. However, much of the structural rental shortage has now been priced into the rental market and so I do believe the days of 10-20 per cent plus annual rental increases have come to an end.”
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