No Vacancy: Why it’s So Hard to Find Property Right Now
If you’re having a hard time finding a property to buy or rent, you’re not alone. There is a real trend in the property market in Southeast Queensland right now. Vacancy is at an all-time low. Fewer properties are available to rent, and less houses are going on sale.
We’re going to highlight a few reasons why this trend is happening. But don’t worry! We’ll also give you some helpful tips on what you can do if you’re looking for a new property in this climate.
More People Are Working From Home
The pandemic has forced businesses to innovate new ways to allow their staff to work at home. This transition has almost been too successful, as many workers wish to continue WFH permanently. People are enjoying not needing to commute into the city for work every day.
This has also allowed workers to move away from the inner-suburbs. Properties in the outer-suburb’s residential areas often have far more space, and are lower in cost. This helps residents to find a more comfortable working and living space, and save costs during the uncertainty of these times.
People are Leaving Covid Affected States
Queensland saw an influx of new residents in the latter half of 2020. The Queensland response to Covid has been – on the whole – more effective than NSW and Victoria. Queensland is now seen as a great alternative to people living in those states.
This isn’t just about people who want to avoid the virus. QLD has more consistency with covid restrictions, even if you include January’s 3-day lockdown and ongoing restrictions. Meanwhile Victoria has suffered multiple returns to quarantine that have often lasted for months. Many people are moving here for the stability QLD offers. It allows them to plan their lives with a bit more certainty.
The lack of available properties for sale has had a flow-on affect for renters. Since fewer people are selling at the moment, there are fewer investors picking up new properties. Additionally, some investors have sold off their investment properties early on in the pandemic to help with their own financial stability.
All this means that the number of landlords in the market has shrunk. Now there are less properties available to rent, even though there are more renters than ever. This also has caused the start of a rise in rental prices, which is expected to continue through 2021.
Fewer Renters are Leaving
With new rentals being so difficult to find, many renters are currently settling into their current homes. Renters are renewing their lease more frequently than normal, and for a longer term.
Many renters are experiencing a lack of security in their employment. So they’re much less willing to move houses and suffer a lack of security in their living arrangement as well.
So What Can You Do?
Don’t despair. There are still plenty of ways you can make it through this property trend and still come out on top. We have three quick tips to help you find vacancy during this time:
1. Talk to Your Real Estate Agent
Seek out the help of a professional who knows more about the real estate industry. A real estate agent will constantly have their finger to the pulse. They hear about new properties often before they’ve even gone on market.
If you’re stuck without a place to live, speak to one of our in-house real estate agents. Let us know what you’re looking for. We’ll be able to give you the most up-to-date information and help you find what you need. We can also help you with the tenancy application process to make sure you don’t miss out.
Our blog post How to Make Your Tenancy Application Stand Out may help you secure a home sooner
2. Compromise (Temporarily)
Beggars can’t be choosers. We hate to say it, but you may not be able to find your ideal home right now. You may need to settle for something less than you hoped for, at least in the short term. If you speak with our real estate agents, we will do everything we can to help you find the right property for you. You may still get lucky! But you may also need to manage your expectations.
If your current lease is up and you need to find a new place to rent ASAP, then you might have to take whatever is available. Don’t worry though. If you’re not one hundred percent happy with it, you can also suggest a shorter lease. You’ll find the right place in time.
3. Wait it Out
You can always choose to remain where you are and wait until the storm has blown over. Many people have already made this choice. Sometimes all you need to do is be patient.
Just keep in mind that trends come and go in the real estate market. There might be a new trend in a few months’ time that no one could predict. That’s why it’s always safest to speak with our real estate agents to get personalized advice that suits your situation.
We hope this has given you some insight into the real estate market, and shown you what you can do to find a vacancy during this time. As always, we are here to help you. Please speak to our staff if you need help finding the right new property for you.