Townsville’s rental market is on the up.TOWNSVILLE’S rental market is showing signs of recovery with vacancy rates falling to the lowest levels since December 2014.The latest Real Estate Institute of Queensland figures show that as of the end of June, vacancy rates were 5 per cent.It follows vacancy rates spiking in September 2016 at 7.1 per cent.John Gribbin Realty principal John Gribbin said the rental market was slowly starting to turn around.“There is definitely signs of improvement but it’s not going to recover overnight,” he said.“We still need a lot of people to come back to Townsville because a lot of people actually left and that’s been part of the problem.“We’re finding places like Annandale, Douglas and Idalia rent well and just generally suburbs that have houses that present well will always move, but the peripheral areas are a bit tougher.”Research commissioned by TP Human Capital and completed by regional economist Colin Dywer shows there has been a surge in demand for rental properties in Townsville in July and there are fewer than 1500 properties available.“We have been collecting residential vacancy data from Realestate.com since July 8 and there has been a drop of 180 properties advertised; that’s an 11 per cent absorption in just over three weeks,” Mr Dwyer said. “Some of the absorption will be southerners taking up short term rentals to enjoy Townsville’s climate but with all the current and proposed project activity and job creation a large proportion will be out-of-towners taking up jobs.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“As the NQ stadium project commences there is likely to be acceleration in demand for homes close to these projects.”Despite an improvement in vacancy rates Townsville’s rental market is still classified by REIQ as being weak. In a statement, the REIQ said that the Government’s focus on jobs and major infrastructure projects was staring to gain traction.TP Human Capital managing director Clayton Cook said an increase in employment was likely to help improve Townsville’s rental market.“We have noticed a change in the Townsville jobs market recently, with a moderate to strong upswing in demand for construction workers, health and social assistance workers (NDIS), administration jobs and education positions,” he said.“There is evidence of skill shortages in some occupations such as labourers, riggers and hairdressers.“If the jobs can’t be filled locally then people from elsewhere will be recruited.“This migration will impact the property market in a variety of ways; one impact is likely to be increased demand for rental properties.”
DIT will face Mary I today, while UL host NUIG in Limerick and GMIT take-on UUJ in Carnmore.Those games will all throw-in at 2 o’clock today, while there’s a half-past two start at the Mardyke where UCC will face LIT.There’s a further three matches later this evening as Maynooth University travel to Belfield to take-on UCD while DCU host local rivals St Pats/Mater Dei and IT Carlow go up against Waterford IT. Those matches will all get underway at 7pm.