Beautiful one day, pricey the next
Low vacancy rates and rising rents make life tough on tenants in the Sunshine State while investors see strong capital growth
2 min
Renters in Queensland are experiencing the greatest rental pressure in the country, new data shows.
The Rental Pain Index released by content and research provider Suburbtrends shows the Sunshine State has seen the highest average rental increase in 12 months across the country at 16.33 percent.
“The significant increase in rental prices over the past year in Queensland is a clear contributor to the heightened rental pain felt by residents,” said founder of Suburbtrends, Kent Lardner. “Similar trends are observed in South Australia and Western Australia, where rental prices have risen by approximately 15.95 percent and 15.37 percent, respectively.”
The findings are the result of analysis of the top 25 rental results in each state comparing advertised rentals, vacancy rates and average rent increases over a 12 month period. It also examines average rents as a percentage of income.
The report comes on the back of data released by Ray White Real Estate which reveals that unit prices in Brisbane are growing at a faster pace than houses.
Ray White chief economist Nerida Conisbee said unit price growth has kept pace with that of houses, with apartment prices now back to their 2022 peak. She attributed the recent downturn in apartment prices to the lockdown lifestyle of the pandemic.
“Apartment living wasn’t much fun during lockdowns. Living in smaller spaces with restricted movement was difficult and a lot of the best things about urban living were not available,” Ms Conisbee said.
“Now that things are pretty much back to normal, apartment living is again attractive. Most of us are going back to the office more frequently and all the best things about living in higher density suburbs are back.
“We have moved quickly from a situation where there were too many apartments to not enough. Demand is exceeding supply, driving up prices and rents.”
Ms Conisbee noted that demand for apartments would continue to outstrip supply as building approvals were at their lowest point in more than a decade while construction costs were at record highs.
She said the future of the Australian residential market was apartment living, which is not reflected in current housing stock around the country.
“Australia has extremely low density relative to other major cities,” Ms Conisbee said. “Sydney is our highest density city but half of all homes are still detached houses. In Hobart, just 15 percent of homes are attached or apartments.”
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
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Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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