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Queensland’s coastline investors have plenty to smile about heading into the summer months, with almost a clean sweep in weekly rental value improvements over the past 12 months.
In a quarterly update from the Real Estate Institute of Queensland (REIQ), each of the markets has proven positive for investors despite varying levels of confidence.
For the Gold Coast, vacancies have remained stable across the quarter despite an oversupply of rental stock pushing rents down slightly.
While the reported median rent for three-bedroom houses in the June quarter was down 1 per cent year-on-year, which equated to a drop of $5 per week, the rental prices of three-bedroom townhouses was simultaneously up 2.4 per cent, or $10 a week.
On theCoast, rental market vacancies increased by 0.3 per cent, but offered investors a year-on-year 2.2 per cent increase to weekly median rents for both three-bedroom houses and units.
It meant that the average three-bedroom unit rental price increased by $20 a week over the 12 months to June 2019.
For the Fraser Coast, rental markets have remained tight according to the REIQ, which is in line with results from the previous two years.
It also saw price jumps for weekly median rents, with three-bedroom units coming in at $43 higher than they were at the same time last year.
Three-bedroom house prices have also pushed up, $15 a week higher than 12 months ago.
In good news for Cairns property owners, vacancies are sitting at a historical low.
At just 0.9 per cent vacancy levels for the quarter, REIQ has noted that weekly median rents are up across three-bedroom houses, townhouses and units.
The tropical locale’s townhouses saw the highest year-on-year increase for rental value, pushing 6.3 per cent on 2018 figures.
Rent refers to the payment made by a tenant periodically to a landlord for the use and occupancy of a property.