Colin and Pam - Hi Greg and Ann, Thanks for the Routine Inspection Report.We have had up to 4 properties since 2001 and have never received a report as comprehensive as this. Congratulations.The tenant is doing her part in her upkeep of the property.
The Brisbane suburbs where rental properties get snapped up the fastest has been revealed, with Springfield and Mansfield shown to have the toughest rental markets in Greater Brisbane.
New data from the Domain Group has ranked every suburb for rentals according to its average days on the market and found properties in Springfield are rented within 22 days, while in Mansfield they are rented within 23 days.
Other suburbs where rentals are quickly filled are Brendale, Ferny Grove, Wishart, Keperra and Sandstone Point.
At the other end of the spectrum, the suburbs where it takes the longest to fill a rental property include Macleay Island, where the average days on the market are 63, Chelmer and Petrie Terrace, both 58 days, Graceville at 57 days and South Brisbane at 55 days.
The average time it takes for a rental vacancy to be filled in Brisbane is 36 days.
Domain research analyst Eliza Owen says Brisbane’s rental market is performing well and has shown signs of tightening, with asking rents up and landlords back in the driver’s seat.
The median asking rent for houses increased from $400 a week to $410 in the December quarter, lifting for the first time in nearly three years – and the Domain Rental Report released in April showed those prices continued to hold strong over the first quarter of 2019.
“Overall the Brisbane market has held pretty well in terms of demand,” Ms Owen says.
“Brisbane’s vacancy rate has come down slightly as well, which suggests there are fewer available properties across the whole market — figures from April show a vacancy rate of 2.5 per cent compared to 2.9 per cent during the same time in the previous year.
“That equates to about 750 fewer properties on the market than at the same time last year.”
Springfield, the massive master-planned community west of Brisbane that lies on the edge of Ipswich, has the shortest days on the market — Domain data shows the average time it takes to rent a property there is 22 days — but local agents say most properties, especially houses, rent far more quickly than that.
Moreover, its position at the top of the list of Brisbane’s toughest suburbs to secure a rental in is not exclusive to this year, with the data showing Springfield’s days on the market has been consistently short. Last year its average days on the market was just 19.
Matt Moran of McGrath Springfield says the demand for rental in Springfield is very strong, with his office typically signing up tenants within 11 days.
“We’ve got very good conditions for it here. The nearby RAAF Base at Amberley provides a constant supply of good tenants. Defence personnel get posted in December for a January start so, as you can imagine, January is absolutely chaotic here,” he says.
“The other thing is that we get a lot of tenants here who rent while they’re building. There’s still a lot of new houses being built out here, and people like to rent nearby while they’re building. That drives it as well.”
In Mansfield, 11 kilometres southeast of Brisbane’s CBD, the average time it takes to rent a property is 23 days, which Coronis Coorparoo agent Brad Sissons says is mainly down to the Mansfield State High and Mansfield primary school catchments.
“I sell to a lot of investors who buy specifically in the school catchment who want to rent it out until they have kids,” he says.
“These are people who haven’t even got kids yet, they’re thinking long-term, down the line, when they can send their kids to these schools, so they buy now, knowing it’ll be easy to rent out. They want to get in before prices go up another $100,000.”
Mr Sissons says Mansfield’s days on the market for rentals would be considerably lower for just houses.
“If you took units and townhouses out of the equation, it would be even lower. Most houses rent within seven to 10 days – we don’t normally get to the second weekend,” he says.
Neighbouring suburb Wishart has a short number of days on the market (24 days) for the same reasons, he says.
“A lot of Wishart is in the Mansfield catchments, and it’s also very close to [Westfield] Garden City. If it’s not a family with kids, it’s someone who works at Garden City who wants to walk to work.”
South Brisbane has one of the longest days on the market for rentals, which Ms Owen says is likely down to the oversupply of apartments but also due to the high cost of renting houses in the area.
“A high supply of properties gives potential tenants more choice, so that extends rental campaigns in some areas,” she says.
“South Brisbane has fairly high rents as well because of its proximity to the city. Rents for houses have jumped to $530 a week, up from $490 a week in the previous year.
“Unit prices have been fairly steady, which may be a result of that oncoming supply. They’re sitting at about $490 a week.”