Rental market steady in Townsville

3d render image of houses with graph growing

File photo

TOWNSVILLE’S rental market is expected to remain steady with vacancy rates sitting at 4 per cent according to the REIQ’s Queensland Market Monitor report.

The report details that vacancies remained weak in the June quarter with a rental property sitting vacant on average for 15 days during the year.

However property managers are reporting a recovery is imminent and the number of rental inquiries are increasing.

June 2018 rental bonds data shows the market absorbed 775 new rental properties in the past year as bonds held increased for 23,921 in June 2017 to 24,696 in June 2018.

Census data shows that about 39 per cent of Townsville dwellings are rentals, above the Queensland-wide average of 34 per cent.

Median rent rate shave increased slightly by about $5 to %10 per week over the past year.

House yields have remained steady at 4.8 per cent while unit yields have dropped slightly from 5.2 per cent to 5 per cent which could be attributed to the rise in unit prices.

Source: https://www.realestate.com.au/news/rental-market-steady-in-townsville/