- Tags: Property Management, Landlords
In a word, healthy! The REIQ June quarter vacancy rate data again found Gold Coast vacancy rates among some of the best in Queensland, having improved from the last quarter from 1.5% to 1.4% - not far off the State’s tightest markets in Caloundra and Maroochydore currently sitting at 1%.
REIQ CEO Atonia Mercorella is happy with the results, stating “Overall, there has been more good news than bad in this vacancy rate report and we’re optimistic that the state is moving towards healthier rates across the board”. - Click here to view the REIQ Master Vacancy Report from June 2008 – June 2016
I can’t help taking this opportunity to mention that First National Palm Beach’s vacancy rate in June came in at 0.3% ...#soproud. Shameless plug I know, but the point is the Gold Coast market is looking good for landlords in the short term (especially if your property is managed by us!). However long term forecasts, while not dire, are at least a little less certain according to Ms Mercorella:
“With significant dwelling construction taking place on the Gold Coast we expect to see some easing of conditions in the medium term future”.
Some of these new developments which are already under construction include the luxury Synergy Apartments in Broadbeach, Meriton’s Brighton on Broadwater, the Iluka 88-storey tower in Surfers Paradise and the much anticipated billion dollar Jewel Apartments in Broadbeach; which will together add another 1800 dwellings to the Gold Coast market.
Dorothy Hamilton, Director of Property Management at First National Palm Beach has said “Family homes are always in demand, it is not unusual to have at least 80 groups of people booked to inspect a 4 bedroom, ensuite, double garage home. Recently 74 groups of prospective tenants viewed a 3 bedroom, 1 bathroom home within walking distance to the beach; the property was leased prior to even being vacant resulting in just 1.7 days between tenants for the investor.”
Mrs Hamilton further observed that the shortage of unit supply is also occuring at the lower end of the rental spectrum. As the Gold Coast population ages First National has seen a growth in tenants seeking to lease below $340/wk. With so few properties in this price range any properties that do become available are snapped up quickly.
by Nikki Tuarau
Do you want to know what vacancy rates on the Gold Coast look like?
palmbeachfn.com.au September 2016 First National Palm Beach 15 Palm Beach Ave Palm Beach, Queensland 4221
Phone:
07 5559 9600