Toowoomba City: Keep an Eye on This Investment Destination in Queensland
03.11.2023
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In January 2011, there was a total of 2,619 rentals absorbed, resulting in a 1% drop in Brisbane's residential vacancy rate to 1.7%. In turn, rents rose by an average of 1.8% during the same period.
In January 2022, Brisbane recorded a total of 3,878 rental vacancies. If we factored a similar post-flood rental uptake as 2011, it would result in just 1,200 available properties remaining.
This would take Brisbane's current vacancy rate of 1.1% down to below 0.34%, less than half the previous record low of 0.8% in April 2006.
Now, let's also consider that in 2011 the number of interstate migrants to Queensland was 6,200, while in 2021 it was 30,785 - a 397% increase in people moving to the state.
With a population of 3.5 million, the SEQ region is set to grow by another 1.9 million by 2041, not to mention the return of thousands of international migrants and students that has now commenced.
So with stock levels already at critical lows and many projects shelved (temporarily or permanently), there is an added expectation that rents will continue to rise further given the genuine prospect of there being no available rental properties within six months.
And the investor market is reacting to this. While we have predominantly sold most of our developments to owner-occupiers over the last 18 months, we are now experiencing a massive increase in buyer demand from local and interstate investors.
Source: Mosaic Property Group Newsletter
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