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In a more buoyant market, it might be enough to attract a long list of eager buyers, but with a rental vacancy rate of 3.3 per cent in Chermside the apartment has proven far from an easy sell. SQM Research managing director Louis Christopher said large price falls have become the new Mortgage broker Oak Laurel West End, 249 Boundary St, West End QLD 4101, 0430 129 662 norm for Brisbane apartment owners looking to sell in a saturated market. "We have seen some heavy discounting before, but this is probably one of the biggest ones I've ever actually seen," he said. "It's fair to say this is not normal in the market. Nevertheless, there has been an oversupply of properties — we see it through the rental market in the Brisbane CBD where we are recording rental vacancy rates of 5 per cent. "We are noticing the vacancies in Brisbane are still elevated in the CBD and in the inner city market, whereas in the outer regions of Brisbane, we are recording tighter vacancy rates." Mr Christopher said homeowners and investors might see their fortunes improving in coming months, as SQM data showed vacancy rates had been falling for the past four months. "We noted the overall Brisbane rental vacancy rate is now at 3 per cent and has actually been dropping," he said. "There's a chance now that the worst may actually be over when it comes to property investors in the rental market." Australian Bureau of Statistics (ABS) data also suggested the state was enjoying steady population growth. Photo: Is this Queensland's 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery) "Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week move from New South Wales to Queensland," she said.
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