Competitive rental market sees Townsville families struggle to find homes
Townsville families are struggling to find places to live as demand for rental accommodation continues to climb due to the coronavirus downturn.
The Real Estate Institute of Queensland (REIQ) data shows the vacancy rate in the far north is sitting only 2 percent up from a low of 1.3 percent in September.
REIQ spokesperson Olivier Bjorksater-Bleylock says the Federal Government's halt on evictions during COVID-19 is partly to blame for the significant rise in demand for rental accommodation.
"We've seen many renters remain a lot longer in their accommodation due to COVID-19, particularly those renters who have successfully re-negotiated a more manageable level of rent," Mr Bjorksater-Bleylock says.
He believes property investors are key in evening out the supply and demand chain, and he says this can only be done through ditching stamp duty fees.
"Property investors are actually really critical to insuring that we have adequate supply of rental accommodation available, which is why the Real Estate Institute of Queensland is strongly advocating this year for the abolishment of stamp duty.
"There is extraordinary demand for housing, but there is limited supply. What that tells us is that a lot of sellers are still cautious about selling their property."