Rental Market Under Pressure in Brisbane, Australia After Lockdown-Driven Migration
Demand for rental properties remains sky high in the capital city of Queensland, Australia, following months of interstate migration from some of the most heavily locked down cities in the country.
The latest figures from the Australian National University and CoreLogic, a property data firm, showed that rental vacancies in the Greater Brisbane area—around 2.5 million people—had dropped to 1.0 percent in August and 0.9 percent in July.
The figures are more conservative than the findings of SQM Research (pdf), which estimates vacancy rates were as low as 0.7 percent in July.
Nevertheless, the figure is well below the healthy vacancy rate of 2.8 percent over the last five years….