QLD Rental Profile Report 2013 Q2
The Toowoomba rental market has experienced good growth over the three years to March 2013, with all dwelling types experiencing positive growth figures in average annual weekly rental price. The biggest growth seen was in two bedroom townhouses, which saw 5.2 per cent growth over three years, followed by two bedroom units with 4.7 per cent growth. Average annual growth in new bonds was also generally positive, with many dwelling types experiencing positive growth. Three bedroom townhouses saw the largest growth with 18.3 per cent, however this dwelling type accounts for only 1.5 per cent of the total number of new bonds.
Unsurprisingly, the Gladstone rental market has continued to perform extremely well, buoyed on by the resource sector and the number of temporary residents it brings into the mining centric town. Average annual growth in rental price was seen in all dwelling types, aside from one bedroom units which was negative. Two bedroom houses saw the largest increase at 24.8 per cent, followed by two bedroom units. As demand remains strong, rents can be expected to remain at these levels, if not further increase. The demand for the area is further evidenced by the average annual growth in new bonds increasing in all dwelling types aside from 2 bedroom units. This sustained demand has lead to rental prices soaring.
It appears that the Townsville rental market is beginning to flatten out, as growth figures begin to become more subdued. The top two performers in average annual rental price growth were one bedroom units and two bedroom townhouses, both with 4.3 per cent growth. Neither dwelling type represent a huge proportion of the rental market, however it underlies the overall demand. The most prevalent dwelling types (two bedroom units, three and four bedroom houses) all saw increases in average annual rental price as well as new bonds. Again, as demand is still strong, rental price may continue to increase slightly.
Mackay has continued to see solid average annual growth in rental price across all dwelling types. Two bedroom houses experienced excellent growth of 9 per cent over three years, followed by one bedroom units which saw 8.6 per cent growth. Rents have been pushed up further on the back of high income generated by non-resident employees working in the resource sector. As with other regions in North Queensland, where there has been negative growth in new bonds over the three years, it is likely due to an undersupply as opposed to a lack of demand for that particular dwelling type. While three bedroom townhouses experienced huge growth, the dwelling type represents a very small section of the market. The growth seen in four bedroom houses is phenomenal, being the preferred property type for resource sector employees.
For more information on other Queensland regions, as well as the top performing postcodes for each dwelling type, please download the report.