Reiq

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The latest Real Estate Institute of Queensland vacancy data for the December 2020 quarter shows Brisbane’s inner city rental market is seeing a comeback. 

Having rocketed to almost 5% in the June Quarter, rental vacancies in the CBD have eased to 3.3%. 

“The market has yet to fully rebound,” Antonia Mercorella, CEO of the REIQ advised.

Rental vacancies around the city’s middle ring remain tight, including Hawthorne (1.4%), New Farm (1.9%), Paddington (2.1%) and St Lucia (1.7%). 

Further out into Brisbane’s outer ring and vacancies are even tighter, including Camp Hill (1.3%), Cannon Hill (1.4%), Holland Park (1.2%) and Moorooka (1.3%). 

“In the last six months we’ve witnessed some record lows across capital city suburbs; figures we’ve certainly not seen for well over a decade,” Ms. Mercorella noted.

“It’s a similar scenario as you travel around the wider regions of Brisbane including Ipswich, Logan, Morton Bay and Redlands which all have uncomfortably low stock levels around 1%.” 

Across the State’s regional areas, Cairns (1.2%), Cassowary Coast (1.1%), Isaac (1.2%), Mareeba (1.5%) and the Whitsundays (1.4%) saw vacancies rise above 1%. 

However, for the remaining regional Queensland, rental vacancies have plunged further to record an all-time median low of 0.575% including Bundaberg (0.4%), Fraser Coast (0.6%), Hervey Bay (0.9%), Mackay (0.7%), Toowoomba (0.7%) and Townsville (0.7%). 

Rockhampton recorded the lowest rental vacancies for the December 2020 quarter at 0.2%. 

“During the pandemic, the Palaszczuk Government introduced a range of measures keeping tenants in place for longer which is part of the reason we have incredibly low rental availability across Queensland,” says Ms. Mercorella. 

“We have also seen a significant amount of interstate migration, with renters also moving to Queensland, so all of these factors have contributed to our current tight vacancy rates.”

The popular destination for interstate migration, the Sunshine Coast hasn’t shifted in months, firmly gripped at 0.3%. 

Many areas such as Buddina (0.3%), Caloundra (0.3%), Maroochydore (0.5%), Noosa (0.4%) and Sunrise Beach (0.5%) have continued to tighten marginally over the last three months.

The Gold Coast isn’t far behind, with Surfers Paradise, which recorded more than 2,100 vacant rentals at the peak of the pandemic nine months ago, currently at 0.7% stock availability. 

“In fact, its rental market has rebounded beyond pre-COVID levels to reach a record low never before recorded,” she said.

The record low vacancies reported across the entire Gold Coast include Arundel (0.6%), Labrador (0.7%), Oxenford (0.1%), Runaway Bay (0.5%) and Southport (0.7%) and in the south, Broadbeach (0.8%), Currumbin (0.3%), Miami (0.2%), Palm Beach (0.3%) and Varsity Lakes (0.6%). 
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Bundaberg, Fraser Coast, Hervey Bay, Mackay, Toowoomba and Townsville have seen their rental vacancies plunge to record an all-time median low


jchancellor

Record low rental vacancies across regional and coastal Queensland

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The chairman of Queensland's peak real estate industry lobby group has stepped down unexpectedly.
But the Courier Mail reported REIQ members have been kept in the dark about the reasons for the move.
The loss-making Real Estate Institute of Queensland alerted members earlier this month that Rob Honeycombe had resigned.
Honeycombe remains a director of the institute where he has had membership since 1994.
He was the chair from 2014 to 2018.
Peter Brewer has been the chair from March 29 when REIQ advised Honeycombe announced his resignation at the March Board meeting, "for both personal and professional reasons."
“The REIQ is in the process of developing a new three-year strategic plan that will propel this organisation forward into exciting new territory and with my term expiring in October I wanted to give someone else the opportunity to lead the organisation through this transition,” he said. 
“I’ve got great confidence in passing the Chairman’s baton to Peter Brewer,” Mr Honeycombe said.
REIQ CEO Antonia Mercorella thanked Mr Honeycombe for his years of service to the REIQ. 
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Rob Honeycombe departs REIQ chair

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EXPERT OBSERVER
The Real Estate Institute of Queensland (REIQ) is seeking urgent action from the Queensland State Government to assist in maintaining the stability of the Queensland property market in the face of the economic impacts of the coronavirus (COVID-19) pandemic.
Queensland’s residential real estate sector is worth over $1 trillion and employs over 50,000 Queenslanders directly with many more employed in associated industries. Activity within the real estate sector contributes in excess of $30 billion every year to the Queensland Government.
Protecting and sustaining the Queensland real estate sector is critical to safeguarding our property market and supporting our local economy. In order to do so, strong action needs to be taken.
The REIQ has proactively developed a set of recommendations and proposed initiatives that will assist in minimising the potential economic impacts of the coronavirus (COVID-19) on the real estate sector. In order to maintain stability and optimism in the Queensland property market during the coronavirus (COVID-19) pandemic, The REIQ is urgently asking the Queensland State Government to:
a. Extend the First Home Buyers Grant to established housing: Expanding the First Home Buyers Grant beyond new construction will stimulate economic activity through the introduction of increased numbers of first home buyers to the broader property market. 
b. Implement a 50% reduction in development application costs across all Local Governments and introduce streamlined application processes: Removing barriers to development and reducing costs will assist to boost construction levels, increase competition and importantly, reduce cost for the end purchaser.
c. Deliver a 75% reduction in stamp duty for the period of the coronavirus (COVID-19) pandemic: A short-term, but significant, reduction in stamp duty payable on property transactions will have a positive effect on confidence within the property market. This, in turn, will offset the predicted drop in real estate transactions expected during the immediate crisis period. 
Lessening the financial burden of stamp duty in particular will lessen the perceived financial risk and act as a significant incentive to purchasers who may otherwise be discouraged from purchasing during this crucial period.
Similarly, such an initiative would encourage vendors to list their properties during the coronavirus period, buoyed by the likelihood of increased buyer activity.
In the 18 months following the end of the coronavirus (COVID-19) pandemic, The REIQ are urgently seeking the following further stamp duty related reforms to continue to support and stimulate the property market, which include:
a. Removal of stamp duty for persons aged 65+ years: This will encourage older Queenslanders to move into age-appropriate accommodation by reducing the financial burden of such a move. A likely consequence of this would be greater access to housing stock for younger Queenslanders.
b. A 50% reduction in stamp duty where residential investment property purchases are committed to the permanent rental market in Queensland for 3 years or more: A significant reduction in stamp duty for residential investment properties will have the effect of stimulating property investment in Queensland.
c. A 40% reduction in stamp duty for all other residential property purchases: A significant reduction in stamp duty payable on non-investment residential property purchases will have the effect of instilling confidence into the property market and provide incentive to individuals Australia-wide to consider migration to Queensland.
In calling for a 50% reduction in stamp duty for property purchases committed to the permanent rental market for 3 years or more (b), a natural consequence of the Prime Minister’s rental eviction moratorium and similar measure introduced to combat the financial impacts of the coronavirus (COVID-19) is that property investors (current or prospective) are likely to lose confidence in residential real estate as a viable investment option. 
Queensland has rapidly growing residential rental demand, a situation likely to be exacerbated by the financial impacts of the coronavirus (COVID-19). The combination of increased rental demand and decreased property investment is a looming social time bomb. More than 90% of Queensland residential investment property supply is provided by ‘mum and dad’ investors who are most likely to be sensitive to increased risk to their property investment returns.
A significant decrease in stamp duty payable on residential investment properties, qualified by enforceable commitment by investors to making that property available to the permanent rental market, will have the dual effects of stimulating investment confidence and activity. It will position Queensland as a highly attractive investment market and ensure adequate supply is maintained to meet increasing demand.
To support property owner generally impacted by potential reductions in rental income, and households financially impacted by the coronavirus (COVID-19), The REIQ is also urgently requesting the Queensland State Government to facilitate the following:
a. Provide a significant reduction or temporary removal of land tax for the period of the coronavirus (COVID-19) pandemic;
b. Waive local government rates for those who have lost their income as a result of this crisis; and,
c. Implement a 50% discount on local government rates to assist household budgets and assist in stimulating the Queensland economy. 
Finally, to directly support the real estate profession that provide front line contact with participants in the property market and an invaluable service to property owners, investors and tenants, both commercial and residential, The REIQ is urgently seeking the Queensland State Government to:
a. Provide a 12-month extension to all existing licence and registration holders in Queensland, commencing 1 May 2020;
b. Provide Queensland State Government funding to The REIQ to assist it to continue to provide essential resources, training and support to the real estate industry, during the coronavirus (COVID-19) period and beyond; and,
c. Provide Queensland State Government funding to establish a Property Think Tank to identify new initiatives to maintain and regenerate local property markets and create opportunities and jobs within the real estate sector, with the consequential benefit being the continued generation of State Government revenue.
The REIQ believes that it isn’t enough to put money in people’s pockets during this time; instead, we need maintain confidence in the Queensland property market and assist the real estate sector to ride out this crisis and emerge stronger and more resilient for the benefit of all Queenslanders.
The REIQ fundamentally believe these relief package measures will keep Queenslanders employed within the State’s second largest employment sector, keep essential services functioning at this critical time, and most importantly accelerate our State economy’s recovery once this crisis has passed.
ANTONIA MERCORELLA is the CEO of the REIQ 
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REIQ urgently calls on State Government to protect Queensland property market: Antonia Mercorella

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Antonia Mercorella, the CEO of the REIQ says the Queensland Government's proposed measures in the COVID-19 are the most onerous of their kind for property owners across all the states.
With landlords and real estate professionals emailing hundreds of letters to the Premier opposing the proposed measures, the REIQ is calling on the Palaszczuk Government to amend aspects of the proposed laws set to be debated in parliament today.
The measures include a rental grant of up to $2000 per person for COVID-19 affected tenants who have exhausted all other financial options.   
The REIQ wants the legislation to have rent deferrals rather than permanent rent waiver rights for tenants.
"This aligns with the Federal Government model and framework adopted/being adopted in other jurisdictions," Antonia Mercorella said.
“We support the protection of tenants who are in financial distress due to this pandemic.
"However, the scope of these proposed measures are too broad in their application.
"In fact, they are the most onerous of their kind for property owners across all Australian jurisdictions to date.”
The REIQ is calling for a minimum income reduction threshold for tenants to meet before they qualify for the protection measures as in New South Wales, a 25% income reduction requirement applies.
It also wants a standard requirement for tenants to substantiate a rent reduction request to allow landlords to make properly informed and fair decisions about rent reductions.
It seeks to scrap the proposed break lease right that allows tenants to simply walk away from tenancy agreements with only one weeks’ notice notwithstanding that those tenants are afforded all the other protections provided under the Renter Protection Package; and to also remove the proposed automatic right to a 6-month tenancy agreement extension which in effect introduces a 12-month moratorium in Queensland with the consequential imposition of permanent rent waivers that would be extended over this additional period.
“The current protection measures clearly ignore the voices and rights of property owners.
"Property owners, like tenants, are entitled to be supported by COVID-19 regulatory protections that support the entire rental market,” says Ms. Mercorella.
"And once landlords discover the true extent of these distorted reforms, it will cause a revolt of a kind not seen before in a residential tenancy context.”
Queensland, like NSW, will both provide up to a 25 percent discount on land tax for the 2020 calendar year as part of packages worth $400 million and $440 million respectively, on the proviso savings are passed to tenants in the form of rental relief.
 
 
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REIQ leads revolt against Queensland Government's COVID-19 tenancy protections

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Nationally, RP Data estimates housing wealth at $5.2 trillion, however Queensland now accounts for more than 15% of this estimation, according to CEO of the Real Estate Institute of Queensland (REIQ) Anton Kardash.
In fact, with Brisbane become increasingly popular for investors, and values ticking up, this is only set to increase.
“Queensland residential housing is more popular than ever with investors, who see an enormous upside as confidence rebounds in the local real estate market,” said Kardash, pointing to strong buyer sentiment and sales activity assisting the Gold Coast and north Queensland in particular since the GFC.
Confidence was also noted to be returning in north and central Queensland, as well as the south-east, with particular reference to the Sunshine Coast.
“The state’s real estate renaissance is reflected by a wide range of indicators, from strong price growth and higher sales volumes to more new housing construction and finance approvals.”
He noted that the national value of residential property is more than superannuation, listed stocks and commercial real estate combined.
He provided the following house values by region across Queensland:
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<li>
Brisbane $393 billion 
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Gold Coast $123 billion 
</li>
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Sunshine Coast $74 billion 
</li>
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Far North Queensland $36 billion 
</li>
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Wide Bay-Burnett $34 billion 
</li>
<li>
Fitzroy $33 billion 
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North Queensland $31 billion 
</li>
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Mackay $28 billion 
</li>
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Darling Downs $26 billion 
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West Moreton $12 billion</li>
</ul>
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What is the value of real estate in Queensland? REIQ analysis

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Principal and owner of Century 21 Commercial Hervey Bay, Linda Bland, has now joined the Real Estate Institute of Queensland (REIQ) board.
Chief executive of the REIQ, Antonia Mercorella, said that Bland was a successful professional and business owner with extensive experience. Bland’s current agency, which she bought in 2006, specialises in sales, leasing and property management in the commercial and industrial sectors.
The office was awarded the REIQ Commercial Agency of the Year 2014 and she has been the REIQ Zone Chair for the Fraser Coast.
“Linda has extensive experience in commercial real estate and being a resident of Hervey Bay for over 25 years, she has strong local knowledge and a network of contacts,” said Mercorella.
“She brings a strong set of skills to the role and is part of our plan to reinvigorate member services while ensuring the REIQ remains Queensland’s number one real estate organisation,” she said.
“It’s very pleasing to see another successful woman coming through the ranks into a senior leadership position at the REIQ.”
She said Bland also increases the representation of regional Queensland, which currently includes Cairns’ Deborah Duffy.
Bland said she was looking forward to create better services and increase the exclusive benefits for REIQ members.
“Queensland real estate has entered an exciting new era, with the Property Occupations Act coming into force in late 2014,” she said.
“The new legislative regime gives real estate professionals even more ability to earn greater rewards for outstanding services and innovation.”
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Fraser Coast’s Linda Bland joins REIQ board

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The REIQ's quarterly vacancy rate reveals that Brisbane’s middle ring experienced a sharp rise in vacancies, while the inner ring remained relatively consistent with the June quarter.
The tightest rental markets in Queensland are Caloundra and Noosa, both 1.2 percent.
The weakest market surveyed is the Burdekin Shire with 9.6 percent. 
Regional Queensland yielded positive news, with consistent falls in vacancy rates for Bundaberg, Gladstone, Mackay and Rockhampton. 
Brisbane’s inner city (0-5km) vacancy rate for the September quarter has risen from 3.4 percent, to 3.7 percent. The middle ring (5-20km) has risen from 2.3 percent to 4.5 percent.
REIQ CEO Antonia Mercorella said the surprising result in Brisbane’s middle ring was likely due to a combination of factors.
“Inner-city property managers and landlords are particularly sensitive to the oversupply question at the moment and rents have become extremely competitive, luring tenants from the middle ring into the inner ring,” she said.
“Also, a significant level of development has come online in the middle ring and some agents have reported that without being able sell, many of those properties have been put into the rental pool.
“Another contributing factor is that interest rates are very low and with the State Government’s recent boost to the first-home buyer grant from $15,000 to $20,000, that is influencing people’s decision to own rather than rent,” she said.
<a href="/images/2016/10/25/Vacancy%20rate%201.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Vacancy%20rate%201.jpg" alt="">
Greater Brisbane’s vacancy rate remained in the healthy range of 3.3 percent.
Brisbane LGA reached 4.1 percent in the September quarter.
Ipswich has eased, lifting from 1.1 percent in June to 2.1 percent in September. This is still classed as a tight market.
Logan has tightened, moving from 2.8 percent to 2.0 percent.
Moreton Bay has eased slightly, going from 1.7 percent in the June quarter to 2.2 percent in the September quarter.
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Middle ring Brisbane vacancy rate rising

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The Gold Coast house market has outperformed almost every region in Queensland over the past 12 months, according to REIQ's latest report.
The area has had its annual median house price grow by 5.8 percent to $575,000.
Only the Sunshine Coast outstripped this market for annual growth.
The Gold Coast market also had a strong quarter, growing 2.6 percent to reach a quarterly median of $590,000.   
The Gold Coast unit market bucked the state-wide trend of falling unit prices, adding 1 per cent over the quarter and 5.5 per cent over the past 12 months.
The continued massive infrastructure and construction programs have attracted workers and been a significant driver of population growth.
A three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-carrara-124861598" target="_blank">13 Bradstone Road</a>, Carrara (above) has been listed for over $579,000, having traded for $460,000 in 2013.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-carrara-124995398" target="_blank">7 Woolmere Street</a>, Carrara (below) has been listed for $575,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/16/7%20Woolmere%20Street.jpg" alt="">
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Gold Coast house market outperforming all others: REIQ

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While there is good news on the horizon with Mackay being named a FIFO base for the Adani mine, the market is still finding its footing, according to REIQ's latest report.
The quarterly median house price of $318,000 is just 0.2% lower than the September quarter.
However, this market remains 20% lower than five years ago when the median house price was $411,000.
The unit market is small, as it is in almost every regional Queensland town.
The quarterly median unit price of $200,000 (off 32 transactions) is 6.3% lower than the September quarter.
The market is 18.2% lower than 12 months ago and 29.9% lower than five years ago, when the median unit price was $321,000.
A three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-mackay-124545162" target="_blank">5 Grant Street</a>, Mackay (above) has been listed for $320,000.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-mackay-124738302" target="_blank">3 Hamlet Street</a>, Mackay (below) has been listed for $325,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/16/3%20Hamlet%20Street.jpg" alt="">
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Mackay housing market remains 20% lower than five years ago: REIQ

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Over the past five years Toowoomba has been a solid performer, with its residential housing and unit market adding between 21 and 23 percent price growth, according to REIQ's latest report.
However the market was potentially levelling off as demand begins to contract, the report noted.
The median house price grew just 0.9 percent this quarter, to $355,000 and over the past 12 months the market has fallen 1.1 percent.
The Toowoomba unit market has stalled with just 0.4 percent growth this quarter and a fall of 0.2 percent over the past 12 months.
The quarterly median unit price is $290,000.
A three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-east+toowoomba-124861510" target="_blank">147 Mackenzie Street</a>, East Toowoomba (above) has been listed for $395,000.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-qld-south+toowoomba-124027594" target="_blank">208 South Street</a>, South Toowoomba (below) has been listed for over $359,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/16/208%20South%20Street.jpg" alt="">
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