THE Caloundra coastal area is the tightest rental market in Queensland, latest data has revealed.
The Caloundra coast shared the mantle with Gympie for the tightest vacancy rates across Queensland in March, with just 0.5 per cent of rental properties vacant in both areas.
Noosa was the third tightest market in Queensland, with 0.8 per cent vacancy.
The Sunshine Coast hinterland was the easiest place in the region to find a rental property, with 2.2 per cent of rental properties available.
But the figures reflected a slight easing from the Sunshine Coast’s strangled rental market conditions at the end of December, when both Caloundra and Maroochydore sat at 0.4 per cent vacancy.
While the figures are bad news for those trying to secure a lease, Real Estate Industry Queensland CEO Antonia Mercorella said the results were positive for investors after several years of “bleak” market conditions.
Ms Mercorella said the Australian Prudential Regulation Authority should ease restrictions on lending to allow more property investment and increase the number of rental properties available.
“Some of our markets, such as the Gold and Sunshine Coasts, remain uncomfortably tight and we would like to see more investors enter those markets, however APRA’s tightened lending criteria is not encouraging investors to consider property,” she said.
Data from SQM Research up to April 20 revealed rental prices had jumped since the end of last year, with rents for homes up 3.2 per cent and units up 3.7 per cent.
Larger homes in particular have seen significant price growth, with rent prices for three bedroom houses increased 12.3 per cent since April 20, 2015.
QUEENSLAND’S TIGHTEST MARKETS
Sunshine Coast: 1%
Gold Coast: 1.1%