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RENTAL vacancies continued to tighten in Brisbane over the past month, improving conditions for landlords but spelling bad news for those struggling to buy into the market.
Brisbane recorded a vacancy rate of 3.1 per cent for August — down from 3.3 per cent in July, according to the latest figures from consultancy SQM Research.
The tightening vacancy rate comes despite Brisbane already suffering a glut of apartments.
Nationally, vacancies fell slightly in August to 2.2 per cent.
The country’s tightest residential market is Hobart, where the residential vacancy rate slipped to just 0.4 per cent last month — the lowest recorded for any capital since SQM started tracking the figures in 2005.
SQM managing director Louis Christopher said he expected dwelling completions to peak early next year and rents to rise at a faster pace than in 2017.
“Overall the current rental market is a moderate landlord’s market,” he said.
“There is nothing in our numbers to suggest the market is about to be hit with oversupply.
“We now have mounting concerns for significant rental shortages in 2019 in Sydney and Melbourne.”
Brisbane’s asking rent also rose during the month.
The asking rent for a house in the city rose by 0.3 per cent in August to $446 a week, while the asking rent for a unit fell 0.3 per cent to $367.