Townsville vacancy rate hits 7.1 percent record high

Townsville has recorded a rise in its residential vacancy rate, lifting from 5.7 percent to a record high of 7.1 percent over September.

Antonia Mercorella, chief executive officer of the REIQ said this is surprising because Townsville’s property market, overall, is reasonably steady.

"Local agents tell us, anecdotally, that there have been a few break-lease situations where people are leaving to become owner occupiers, but how widespread this is, it’s hard to say," she said.

“This is always a risk when interest rates are at historic lows."

“However, it’s too early to draw any concrete conclusions about the Townsville market; next quarter may reveal the September result to be anomalous.”

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Very high vacancies:

• Gladstone 8.9 percent
• Mackay 6.9 percent
• Townsville 7.1 percent (record)
• Burdekin 9.6 percent
• Cassowary Coast 7.7 percent
• Livingstone 8.3 percent

(Source: REIQ)