Brisbane’s inner ring vacancy has tightened with a move from ‘weak’ into the ‘healthy’ range with 3.5% vacancy recorded, reports the REIQ in their Q1 2018 Vacancy Rate report.

All areas of Brisbane are now sitting in the healthy range which is great for investors looking for quality tenants, while also giving tenants good rental opportunities. Greater Brisbane recorded 2.7 per cent, while Brisbane Local Government Area recorded 3.1%.

Healthy range is classified as 2.5-3.5%.

REIQ CEO Antonia Mercorella said “the data shows a very resilient market capable of absorbing the perceived oversupply.”

The REIQ also reports the population of Queensland is predicted to top 5 million in coming months which will be another driver for housing demand in the months and years to come.

In the year to September 2017, Queensland was the most popular state for interstate migration, growing by 81,000.

Nearly 40% (31,000) of all new residents to the state were the result of overseas migration.

Property worth $54 billion was bought and sold in Queensland last year. REIQ Chairman Rob Honeycombe said “Queensland real estate offers great value and this is why it underpins the state’s economy. When real estate performs well, everyone benefits.”