Why Mackay’s rental market is the most stable in Qld
MACKAY's rental market has proved more stable than any other region in Queensland throughout the COVID-19 pandemic.
The incredible statistics were released in the latest Real Estate Institute of Queensland report, revealing Mackay's rental vacancy rate of 2.5 per cent has remained unchanged since January.
All other areas of the state including Brisbane, Rockhampton, Gladstone, Whitsundays and Bundaberg, had considerable movement.
REIQ CEO Antonia Mercorella said Queensland's property market had been relatively stable so far, despite the perceived effects of coronavirus.
The resource industry in Mackay has helped insulate the local property market, REIQ Mackay zone chairman Allison Cunningham said.
"The rental market has continued to stay strong, with many properties receiving half a dozen applications and no negotiation in price is yet to be experienced," she said.
While Queensland's overall quarterly vacancy rate of 2.44 per cent has only increased 0.1 per cent from the last quarter, many regions have been hit hard by the impact of COVID-19 restrictions.
The Whitsundays has had an increase of 0.4 per cent and tourism hotspot Cairns had a whopping 1.8 per cent increase after experiencing record-low vacancies over the past 12 months.
Gladstone was similar to Mackay and has experienced a boom in demand for trades, with vacancy results reflecting rental demand by a staggering 2.5 per cent, dropping to a record low of 1.6 per cent for the region.