Tarragindi Among Brisbane’s Best Performers for House Rentals Growth

As oversupply is slowly being absorbed by growing demand, Tarragindi emerged as among Brisbane’s best performing suburbs in 2018 in terms of house rental increase — the latest Domain Rental Report says.

Tarragindi recorded a 10 percent year-on-year and quarter-on-quarter house rental price growth for a median weekly rent price of $495, according to the Domain Rental Report for December quarter 2018. Demand for dwelling in Tarragindi appears to be very high indeed as the suburb recorded 1,046 visits per property compared to QLD’s average of 381, the realestate.com.au suburb profile report says. The suburb profile report also indicates the median rental price for houses in Tarragindi, from 1 Feb 2018 to 11 Feb 2019, at $498 whilst the state average stands at $400.

Tarragindi joins top-ranked Manly in the list of best performing suburbs for house rentals with 14.50 percent change for both year-on-year and quarter-on-quarter. Rounding out the list are Ascot, South Brisbane, Nudgee, Fairfield, Petrie Terrace, Dakabin, Banyo, and East Brisbane.

On the other hand, the top performing suburbs for units rental list shows Holland Park taking the top spot with a 12.10 percent increase year-on-year. Completing the list are Clontarf, Bardon, South Brisbane, Balmoral, Herston, Bulimba, Alderley, Coorparoo, Fairfield, and Mount Gravatt. Overall, the median asking rent for units rose to 5.4 percent over the past year.

The rental price increases may well be an indication of an overall turnaround happening across Brisbane rental market, from the previous supply glut that affected dwelling demand in 2017. Also, according to property valuation firm SQM Research, Brisbane’s rental vacancy rates continue to fall with to 2.7 percent in January 2019 as compared to 3 percent in June 2018 and 3.5 percent in May 2017.

Tarragindi: Among Top Suburbs for House Price Growth in Brisbane

Tarragindi is among the top suburbs for house price growth in Brisbane, as the capital city continues to defy the current downward trend affecting the nation’s housing market with a new all-time high median-price for houses over the past year.

The Gold Coast and the Sunshine Coast SD recorded growth of 3.8 percent and 6.3 percent, respectively, according to the September quarter of the REIQ Queensland Market Monitor report. Brisbane, on the other hand, posted a 2.3 percent increase from last year, hitting a new median-price high of $675,000.

“Queensland’s economy is proving itself to be a good performer, against a backdrop of national gloom, with new jobs bringing population growth and demand for housing,” REIQ CEO Antonia Mercorella said.

“The southeast corner is our powerhouse, without a doubt, but additionally we’re seeing strong results in regions that have been struggling.

“The resources sector is improving and we’re seeing regions such as Mackay and areas of western Queensland firmly in recovery,” Ms Mercorella said.

Kuring Gai Ave, Tarragindi, Queensland

The sought-after price range for Brisbane LGA is $500,000 – $750,000, representing almost half of the house sales for the past 12 months. The top suburbs for house price growth in Brisbane include Bardon, Brighton, Ashgrove, Wavell Heights, Bald Hills and Bridgeman Downs, Wynnum, Tarragindi, Eight Mile Plains, Mount Gravatt East, and Manly West.

It was a different story for the units market, though, as oversupply continues to put a dent on units price. Brisbane LGA annual median unit price dropped by 2.2 per cent and 3.4 per cent over the past quarter. It, however, managed to register a 5.5 percent growth over the last five years.

Despite the drop, eight suburbs still managed to post double digit growth, with Rochedale leading with 64.80% increase from last year. West End, Gordon Park, North Gate, Yeronga, Toowong, New Market, and Red Hill rounds out the list of suburbs with double-digit growth for units.