Sunshine Coast Daily | Bill Hoffman | 25 July 2015
RESIDENTIAL rental vacancies on the Sunshine Coast are among the tightest in south-east Queensland, according to new data released this week by the Real Estate Institute of Queensland. Vacancies were at 1.5% across the region but as low as 1.2% in both Caloundra and Maroochydore coastal areas.
The hinterland where the rate sits at 2.3% and Noosa where it’s at 2.2% are also described as tight.
REIQ CEO Antonia Mercorella said the Sunshine Coast dipped from 1.9% to 1.5%, reflecting continued tight conditions largely due to seasonal workers and relocations from Brisbane.
“The trend of people commuting to Brisbane from the Sunshine Coast is continuing and, as people seek to leave the city and opt for a sea change, this places pressure on rental accommodation,” Ms Mercorella said.
Vacancies for commercial rental space are also contracting with CBRE managing director Rem Rafter saying its review of Birtinya commercial space was
reflective of a broader trend.
The latest figures put commercial vacancies in Birtinya at 12.74% with just 4841sq m of space available of a total of 37,986sq m.
The likely shift of Youi Insurance from The Edge to new premises at Sippy Downs next year was likely to double the amount of available commercial space in the Sunshine Coast University Hospital precinct.
Mal Pratt’s new central Maroochydore development will add a further 12,000sq m to the mix with its generous tenant incentives likely to draw established businesses to it.
Mr Rafter said some landlords choose to negotiate lower rentals with tenants, which was not always the case.
One Bulcock St, Caloundra, property has remained vacant for the past decade.