Rentals for detached houses in Manly was the fastest-rising rate in Brisbane for 2018, latest report says.
Data from the Domain Rental Report for December quarter 2018 showed Manly’s record increase of 14.5 per cent on year-to-year, with a median weekly rent price of $493. Ascot and South Brisbane closely followed the ranking with 14.2 per cent and 13.7 per cent year-to-year, respectively.
According to homesales.com.au, the average rental returns for detached houses for Manly is at 3.44 per cent on year-to-year. Rental units, on the other hand, have a 4.78 per cent return with a median weekly rental price of $430.
Domain’s senior analyst Nicola Powell attributed Manly’s rental increase to its appeal for families looking to migrate from NSW, specifically Sydney, to suburbs with access to good schools for their children.
Other top performing suburbs for the fastest-rising detached house rentals include Nudgee, Tarragindi, Fairfield, Petrie Terrace, Dakabin, Banyo and East Brisbane. With rental units, Holland Park, Clontarf, Bandon, South Brisbane and Balmoral ranked among the top five.
Photo Credit: Queensland Government
The news comes as forecast from the Residential Property Prospects 2018-2021 report for Brisbane’s general housing market sees a modest but steady growth until 2021, while Sydney’s declines.
However, rentals in Brisbane’s inner cities continue to weaken despite the developments. Brisbane CBD’s rental units, a 35-minute drive from Manly, fell to 4 per cent year-on-year with a $480 median weekly rental price. Analysts say there is more supply than demand coming into the CBD market.
