Despite more tenants getting on the property ladder, there has been no limit on investment opportunities in South East Queensland.
Vacancy rates across the Sunshine State are at a 10-year low, and new data from Coronis predicts strengthening rental performance.
“With the increasing tenant migration from NSW and Victoria coming to enjoy our sunny lifestyle, there’s a strong performance in the market with the lowest vacancy rate of 1 to 1.5 per cent that we’ve experienced in the last 12 months across our offices,” Coronis Property Management director Jodi Ford said.
Ms Ford has noticed a change in the vacancy rates following the RBA cuts. However, it does not affect investment and creates a promising opportunity for a great return on an investment property.
“Our state is becoming more attractive than ever, with Brisbane’s major developments like the new Moreton Bay University, Queen’s Wharf and Brisbane Airport’s new lane contributing to a 10 per cent increase in inquiries for rental properties from the beginning of the year,” she said.
Rental properties have been hot pickings in Brisbane South, with properties already having new tenants lined up before the current one moves out. In Brisbane North, it typically takes less than 10 days to find a new tenant, despite the increase in rent, Ms Ford said.
“In North Lakes, in particular, we’re seeing a strong competition over rental properties that boosted the rental price by $15 per week, with properties renting in just a few days compared to this quarter last year.
“As we’re seeing such phenomenal results across SEQ, it’s an excellent opportunity for investors to get their hands on a property here in Queensland.”