According to CoreLogic and the Real Estate Institute of Queensland (REIQ), regional markets in Queensland continued to post dramatic rent increases, with some even posting double-digit growth.
Rents in regional markets rose 9.4% on average during the year ending April, surpassing the 3.3% growth recorded in Brisbane.
The central Queensland region recorded rental growth of 15.3%, followed by 15% for Sunshine Coast and 10.9% for Gold Coast.
Rising rents in regional Queensland suggest an "extraordinary" tightening in rental markets.
"The typical lowest market days in the Rolling Quarter were across the Gold Coast, where the median length of a rental in the market was two weeks," said Eliza Owen, manager of residential research at CoreLogic.
Several factors are contributing to the tightening of rental markets. One of the main reasons was the reverse in the migration patterns of Australians within the state. While there is a decline in the number of people migrating from regions to the capital, there is a growing demand from Brisbane to regional regions, especially among high-income workers who are putting upward pressure on rents.
Furthermore, the increase in demand for real estate purchases in the regions could exert upward pressure on rental values.
"The data suggests that renters need to fight harder for rental housing in large regional centers," Owen said.
Top Suburbs:
stafford
,
emerald
,
Westmead
,
Saint Pierre
,
goworthville
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