Townsville tenants have more choice as the rental market eases. Picture: Evan Morgan

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It’s good news for Townsville tenants with tight rental conditions easing in the North Queensland city.

According to the latest PropTrack Rental Report, the number of new rental listings in Townsville jumped 10.5 per cent between December 2021 and December 2022.

The total number of listings also increased in the same period, up 5.4 per cent.

The vacancy rate for Townsville is now at 2 per cent, up from 1.7 per cent a year ago, while the average days a property is listed for rent increased from 17 to 19.

The unit at 7/30 The Strand, North Ward, is for rent for $550 a week.

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Santo Spinella of Ray White Townsville said the Townsville rental market wasn’t under as much pressure as last year.

“There is definitely more stock on the market,” he said.

“There is about 500 properties (for rent in Townsville) at the moment and that’s about double where it was in late November/December.

“The comments I’ve been getting around town is that it’s not as hard as it was to get a place.

“(Tenants) have a little more choice now but we are still getting multiple applications on properties.”

Mr Spinella said rental prices were also stabilising in Townsville.

The home at 69 Campbell St, Hermit Park, is for rent for $450 a week.

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The latest REA data shows the median asking rent in the region is $440 per week for a house and $350 per week for a unit.

Mr Spinella said it was hard to tell whether the easing in the rental market would continue.

“This is a high turnover period for us,” he said.

“January is the month we do the most letting so I’d expect all stock to be on the market.

“I think towards the end of February will be the telltale.

“If we don’t see it taper off, it could be a bit of a reset of where we’re at vacancy-wise.”

The property at 167 Eyre Street, North Ward, is for rent for $500 a week.

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PropTrack Director of Economic Research, Cameron Kusher said rental market pressure in Australia shifted back towards capital cities throughout 2022, while regional areas saw tight rental conditions ease.

“Combined capital city total rental listings fell 13.1 per cent month-on-month to be 26.3 per cent lower year-on-year and are now at the lowest they’ve been since February 2003,” he said.

“Throughout regional markets, total rental listings fell 6.8 per cent month-on-month but were 9.8 per cent higher year-on-year, their largest year-on-year increase since June 2014.”