Darra has recently topped the list of best Brisbane suburbs to invest in property, according to the latest report from Place Advisory.
Among Brisbane suburbs with high weekly rental yield for a 3-bedroom house, Darra topped the list, with a five percent yield, which experts believe could potentially hit six percent. Whilst Forest Lake, Ellen Grove, and Kuraby also have the same weekly rental yield, Darra is the most affordable with a median price of $350,500.
According to the latest data from realestate.com.au, the median weekly rent for 3-bedroom house in Darra, based on 75 house listings from 1 July 2018 – 8 July 2019 is $340,000.
CoreLogic’s propertyvalue.com.au, on the other hand, reports that the median rent in Darra is $350,000 per week with a median gross yield of 4.2 percent, based on data over the last 12 months.
The suburbs of Durack, Richlands, Inala, Doolandella, Acacia Ridge, Willawong, Pallara, Larapinta, Heathwood follow with a weekly rent yield of 4.7 percent.
During the first quarter of 2019, the rental market in Brisbane continued to tighten, as Inner Brisbane and Brisbane LGA record their lowest vacancy rates — 2.1% and 2.5%, respectively — years after the local market was hit by supply glut.
Place Advisory attributes the strong performance to the increasing rate of population growth in these two markets; conversely, the rate of supply of new dwellings entering the market is declining. The tightening supply has also resulted in rental price growth during the first quarter of 2019, across all property types.