Tarragindi Among Brisbane’s Best Performers for House Rentals Growth

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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.