Townsville’s rental market showing signs of recovery

first_imgTownsville’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 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.”last_img read more

A Tornado Watch is in effect for parts of Florida

first_imgTornadoes were reported last night in the Tallahassee area.As the cold front moves across Central Florida, it will bring showers and storms late Friday afternoon through early Saturday morning to South Florida.Palm Beach County: 10 to 20% rain chance through 6PM. 40 to 50% chance for showers and thunderstorms through midnight.Treasure Coast: 30% rain chance through noon. 50% chance for showers and storms 3 to 6PM. 40% chance for showers and thunderstorms 9PM through midnight.There’s a marginal risk these storms will turn severe with the main concerns being lightning, small hail with an isolated, but brief tornado possible.High temperatures will reach the low 90s. Overnight lows stay in the mid 70s.Wind will be from the south up to 20 mph, gusts up to 25 mph. Wind gusts may be stronger near storms. Stay with 850WFTL for any severe weather alerts or tornado watches/warnings. A slow moving front is rolling through central Florida and could spawn some tornadoes.The severe weather will eventually stall over South Florida this weekend.The National Weather Service has a Watch in effect until 11:00 this morning. The Watch covers Orange, Volusia, Pinellas, Hillsborough and other counties in the central and north. LissetteCBS4: TORNADO WATCH issued until 11AM for parts of North and Central Florida as conditions are favorable for the development of tornadoes and severe weather. South Florida is quiet and dry now. But this weekend we will have the potential for some…— kflmiami427 (@kflmiami427) April 24, 2020last_img read more