A Brisbane suburb is fast becoming a prime rental suburb in Australia due to strong capital growth and solid rental yields.
Wynnum experienced a 3.13 per cent increase in capital growth over the past year, and is expected to continue its growth over the next five years at 7.56 per cent per annum.
Located just 16 kilometres from Brisbane’s CBD and less than an hour from the Gold Coast, Wynnum is a very popular area for investors and families looking to rent, said David Green, principal of Harcourts Green Living.
“Our property managers who have worked in the Bayside for decades are experiencing a high demand for rental properties from young families moving to the area, as well as from investors from Sydney and Melbourne,” he said.
Mr Green said his franchise’s average rental vacancy rate was almost two percentage points below the wider Queensland average, as well as being above the state’s average median weekly rental rate.
“I’m not surprised Wynnum is one of the star performers in the country,” he said.
“It’s a great place to live, and is fast becoming a central hub for new business and development.”