Ascot is among Brisbane’s best performing suburbs in 2018 in terms of house rental increase, according to the Domain Rental Report for December quarter 2018.
Ascot recorded one of the highest rental increase for houses with a 14.20 percent year-on-year and 0.80 percent five-year increase, or a median rent price of $645, according to the report. On the other hand, data from realestate.com.au shows the median house rental price per week in Ascot at $708, based on 94 house listings from 1 January 2018 to 27 January 2019. Ascot’s median house rental price is higher than QLD average of $400.
Ascot is joined by Manly and South Brisbane as the top three best performing suburbs for house rentals with year-on-year change of 14.50 percent and 13.70 percent, respectively. Rounding out the top ten are Nudgee, Tarragindi, Fairfield, Petrie Terrace, Dakabin, Banyo, and East Brisbane.
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 indicate 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 vacancies fell to 2.8 percent in August 2018 as compared to 3.4 percent from a year before.
As Queensland overtakes Victoria as the most popular destination for interstate migration as of June 2018 — thanks to better economy, employment opportunities, and access to good schools — Brisbane housing market is starting to become a landlord’s market with rental asking prices expected to rise, as vacancy rates continue to fall.