Springfield Emerges as Top Rental Market in Greater Brisbane

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As Brisbane experiences falling vacancy rate, a recent report says that Springfield continues to show strong rental demand to emerge as the top Greater Brisbane suburb in terms of average days on the market.

Domain Group’s latest study of rental data Brisbane suburbs revealed that Springfield is where rental vacancies are filled in the fastest, with average days on market of 22 days; the Brisbane average is 36 days. Springfield rental market also performed well last year with an average of 19 days on market.

Local agents said that house rentals in Springfield are even more impressive as stocks get rented far quicker compared to other dwelling types. The report says that Springfield benefits from its proximity to the RAAF Base Amberley which is one of the main drivers of rental demand in the area, as well as property owners who prefer to temporarily rent while building their house nearby.

Despite the demand, the median house rent per week in Springfield at $390, is still $10 lower than the Qld average, according to realestate.com.au listings data from 1 June 2018 – 15 June 2019.

After years of stagnation, landlords are finally getting relief, as Domain’s recently published May 2019 Rental Vacancy Rate and March 2019 Rental reports suggest that there are already indications that rental supply glut is already bottoming out which could push rental asking prices up.

The median asking rent for houses, in fact, rose to $410 per week, according to the Domain Rental – December quarter 2018 report, from $400 per week a year before or an increase of 2.5 percent year-on-year. This level remained steady during the first quarter of 2019, according to the March 2019 Quarter – Rental report.

Rising demand and contracting supply, on the other hand, also helped bring down rental vacancy rate in Brisbane to 2.4 percent in May 2019 from 2.7 percent in May 2018.