Investment opportunities abound in Queensland
The Queensland rental market may be one to watch if you're thinking about purchasing a second property as an investment.
Recent figures show stronger demand for property in the area, with favourable results potentially arising for investors.
According to the Real Estate Institute of Queensland (REIQ), most of the state's rental markets have reverted to "tighter conditions".
The REIQ came to this conclusion after completing its Residential Rental Survey.
Lower vacancy rates
"Stronger tenant demand and a decrease in the availability of stock are the common themes across the state," explained REIQ Chief Executive Anton Kardash.
The survey found that most areas within the state had lower vacancy rates in March compared to three months prior.
For instance, the metropolitan Brisbane area exhibited a 2.3 per cent vacancy rate in March, which was last seen in September last year. Other than a spike in December, the vacancy rate for the capital city has been hovering between 2 and 2.3 per cent for more than 12 months.
In the greater Brisbane area, the vacancy rate dropped to a favourable 1.9 percent. While this makes it more difficult for tenants to secure rental properties, it certainly puts investors in a comfortable position when looking to maximise their rental yields.
In inner-city Brisbane, the vacancy rate is considered healthy. Asking rents have been eased slightly so that empty rentals are filled quickly.
The REIQ noted that some agents in southern greater Brisbane have seen an increase in tenant demand.
Elsewhere in the state, tight vacancy rates are in place. In Maroochy and Noosa, vacancies are below the 1 per cent mark. Slightly above these impressive figures is the vacancy rate for Calounda, sitting at 1.3 per cent.
Toowoomba also has potential for investment, with "very low vacancy rates" recorded. The REIQ has reported local agents are anticipating interstate investor activity to increase in Toowoomba over the next year.