The Gold Coast’s best suburbs to buy an investment property
QUEENSLAND has dominated a list of 100 best places in the country for rental performance, with seven Gold Coast suburbs taking out top honours.
The latest CoreLogic report, which ranks rental yield figures, saw Reedy Creek, Southport, Labrador, Upper Coomera, Mudgeeraba, Currumbin Waters and Helensvale as investor hot spots.
The Glitter Strip ’burbs joined 35 other areas in the Sunshine State in the nationwide list that was made up of suburbs with an estimated gross rental yield of 5 per cent or more a year for either houses or units.
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CoreLogic research analyst Cameron Kusher said to make the cut, the suburb had to have delivered “solid rental yields, consistent rental growth and vacancy rates of less than 3 per cent”.
He added finding a positively geared investment was more likely in the top 100 areas.
All seven Gold Coast suburbs featured on the list for their unit’s performance, with Reedy Creek leading the pack for the city at No. 51.
The suburb’s units had a gross rental yield of 6.8 per cent per annum, a median rent of $430 per week and a median sales price of $350,000.
Southport units followed at No. 79 thanks to a gross yield of 6.5 per cent, median rent of $390 per week and median sales price of $375,000.
Labrador was ranked 80 followed by Upper Coomera (83), Mudgeeraba (92), Currumbin Waters (95) and Helensvale (97).
Harcourts Coastal agent Katrina Keegan said the Gold Coast’s expansion of public transport was shinning the spotlight on suburbs further out of the CBD.
“Main Beach would usually take the accolade but the public transport expansion is sharing it around,” she said.
“The apartment sector has gone up because the light rail and extensions of the train stations are pushing people further out.”
Ms Keegan said interstate investors and buyers looking for a sea-change were also bolstering the unit market.
“In 2019, we have definitely seen an increase in interstate investors across the board,” she said.
“The biggest numbers have come out of New South Wales.”
Leading the top 100 list was country town Blackwater in the Central Highlands Region, which had a gross rental return of 11.7 per cent.
“Median house values ranged from $89,483 to $521,597 and for units between $133,205 and $395,577,” the report read.
“(It) featured 63 suburbs where houses represent good rental opportunities and 37 suburbs where units offer the highest yields, while also demonstrating positive rental growth.”
The other states lagged behind Queensland’s impressive rental performance, with only 17 suburbs making it to the list in New South Wales, 15 in South Australia and Victoria, eight in Tasmania and one in Western Australia, Northern Territory and Australian Capital Territory.