As with small capitals like Hobart and Adelaide, Brisbane saw the performance of its real estate market improve on the back of the continuous rise in Sydney and Melbourne.
According to the CoreLogic Home Value Index for October 2019, the 1.1% increase in property prices in Brisbane over the three-month period ending in October 2019 was the most positive in the city since December 2015.
With improving local economy, tenants are also coming back and rental rates in Brisbane have increased 0.3% over the same period – it was the only capital other than Adelaide to register an increase.
The Australian Knight Frank residential development review for the second half of 2019 noted that the Brisbane LGA had an average vacancy rate of 2.8% overall in June 2019. City suburbs recorded an average vacancy rate of 3.2%, with those in the median ring at 2.5%. Outlying suburbs have the lowest average vacancy rate, at 2.0%.
"Rental yields in Queensland are much more attractive, with gross rental yields for Regional Queensland and Brisbane at 5.4% and 4.6%, respectively," says Dennis Wong, data researcher estate agents at Real Estate Investar.
"In October 2019, SQM reported that vacancy rates in Southeast Queensland were much tighter, with Brisbane, Gold Coast, Toowoomba, Sunshine Coast and Ipswich all posting rates of 2.5 % or less."
This indicates that Queensland's best markets are outside the metro – the Home Value Index results show that the Mackay-Isaac-Whitsunday, Gold Coast and Cairns areas were three of the main regional markets of the country.
AllianceCorp founder Jason Paetow highlighted a number of suburbs which he expected to stand out in 2020, and one of them is at within the Sunshine Coast, arguably the most powerful market in the Sunshine State.
"Maroochydore is a suburb with low median property prices, superb beaches and many infrastructure developments," he said. "Projects in the region include the expansion of the Sunshine Coast International Airport, the university hospital and the proposed light rail installation – construction could start to begin here 2025. "
Rental demand is expected to further increase given the proximity of Sunshine Coast University and the TAFE campus. As the university is also looking to establish a campus within the Maroochydore CBD, vacancies could tighten even more.
SUBURB TO WATCH
CLEVELAND: Values ??plunge
A suburb of the central community of Redland City, Cleveland was once the territory of the Koobenpul clan of Quandamooka. It is located on the western shores of Moreton Bay.
During the 12-month period ending in October 2019, the prices of houses and units fell by 1.4% and 7.4% respectively. As a result, the median unit value fell below $ 400,000 and the median home price fell below $ 650,000.
In terms of weekly rental rates, the units fell less, falling only 0.6%, while house rents fell 2%. The units also generated higher yields, averaging 5.3%, compared to 4.3% for homes.
Yields : Unit yields are higher than those of houses, at 5.3% after a slight fall in rents by 0.6%
Location: Cleveland is on the west side of Moreton Bay in the central community of Redland City
Top suburbs:
Torrensville
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Windale
,
sunshine
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dulwich hill
,
crossing ropes
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