Tag archive: Queensland

Sydney Rental Vacancy Rates Hit Record High

Rental prices in Sydney are expected to continue slipping as vacancy rates reach a 13-year high.

A report by property analysis firm SQM Research found that 2.8 per cent of Sydney’s rental properties were empty in June, increasing by 0.3 per cent from May and almost a full percentage point from a year ago.

SQM’s managing director Louis Christopher said the figures could be attributed to the rising supply of new apartments and the easing population growth due to people’s move to cheaper cities and regions.

“Sydney rents are now down for the year and it is likely rents will continue to slip as there is still a lot of supply coming in the pipeline,” said Christopher in the report.

“I believe Sydney will shortly record a fall in its population growth rate due to a relatively recent steep rise in interstate migration towards Queensland.”

The buyers’ market is also cooling, with home prices falling by 4.9 per cent over the past year. According to CoreLogic, this is caused by stricter loan terms, increase in number of listings, and declining activity from local and offshore investors.

“I think this is the only time in my career that I can say with certainty that Sydney is now a buyer’s and a renter’s market, simultaneously,” said Christopher.

Julian Meehan Adani

Queensland Government Considers Using Public Funds for Adani Road Project

The Queensland government is considering covering the $100 million cost of road access for Adani coal mine, despite promising that no taxpayers fund would go to the project.

The ABC said documents obtained under a right to information revealed the Palaszczuk government is still in negotiations with Adani and Isaac Regional Council about upgrading access to the proposed Carmichael mine site in central Queensland.

However, the Department of Transport and Main Roads said no decision has been made yet.

In November, Palaszczuk said she would not rule out helping the local council fund the access road. A spokesman for the government said it would cooperate with local councils in regard to their infrastructure needs. “Significant projects can impact on local road networks and improvements to those networks can benefit the greater community,” he said. “Costs associated with major projects are recovered by the state on a commercial basis.”

The ongoing negotiations have received backlash. “Annastacia Palaszczuk has lied to Queenslanders and has broken yet another election promise,” said Opposition Leader Deb Frecklington.

The Mackay Conservation Group said the government must rule out funding the road project. “The Queensland Coordinator General recommended Adani be responsible for road upgrades and Adani said it would pay for the upgrade,” said the group’s spokeswoman Maggie McKeown. “Why then would the premier spend public funds on this project?”