Latest rental data puts Rocky and Livingstone top of Qld
VACANCY rates in Rockhampton and Livingstone have tightened more than any other Queensland market in the past year, according to new REIQ figures.
In June 2017, Rockhampton was sitting at 7.2 per cent vacancy and Livingstone at 9.3 per cent.
These figures have now tightened to 3 per cent and 2.4 per cent respectively.
It's an especially impressive result for Livingstone, which at the end of the June quarter in 2016 was at an alarming 12.3 per cent.
Pat O'Driscoll Real Estate business development manager Rebecca Trott believes the drop has largely been driven by good employment in the region.
"It has been tightening and then very stable over the last six to eight months, but it is still tightening now," she said.
"There's not as many people moving out of the area.
"They're now staying in Rockhampton for employment opportunities."
Ms Trott said if the trend continued, tenants were likely to face some slight rent increases as supply and demand continued to stay in step.
The vacancy rate drops have been reflected in real terms with a reduction in the average number of days houses are spending on the market.
Ms Trott said Pat O'Driscoll agents had seen an increase in the number of homes being snapped up before being advertised for lease.
"Because it's been stable for the last six to eight months or so, this tightening now I can see will continue which is great news for our region."