The Greater Springfield property market is an attractive option for investors. It is delivering strong rental yields and has strong long-term capital growth prospects due to its strategic location in the South East Queensland property market.
Greater Springfield rental yields
Greater Springfield comprises six suburbs. Five of the six suburbs in the region are predominantly house markets, with the exception being Springfield Central. It is the business hub of the region with a very small number of apartments/townhouses.
Current rental yields vary depending on the features of each property and the suburb. Individual Greater Springfield suburb averages are listed below:
- Springfield: 4.2%
- Springfield Lakes: 4.3%
- Spring Mountain: 4%
- Augustine Heights: 4.1%
- Brookwater: 3.8%.
Greater Springfield rent rates
Current rent rates also vary depending on the features of each property and the suburb. Individual Greater Springfield suburb averages are listed below.
- Springfield: $620/week
- Springfield Lakes: $610/week
- Spring Mountain: $650/week
- Augustine Heights: $620/week
- Brookwater: $810/week.
As you can see, Brookfield is the outlier in the Greater Springfield region. It has a greater range of premium houses on large blocks of land than any other suburb.
Greater Springfield rental property vacancy rates
Like most South East Queensland property markets in the current housing supply crisis, average vacancy rates across the Greater Springfield property market are low at just over 1%. This low rate helps to maintain strong rental yields for Greater Springfield landlords.
Greater Springfield rental property listings
The average number of rental property listings in Greater Springfield has slightly increased over the past year as new houses in emerging suburbs like Spring Mountain and Springfield Lakes are snapped up by investors.
Our range of Greater Springfield rental property listings at Purple Cow tends to be snapped up quickly due to the low vacancy rate. Most rental properties are on the market for less than 30 days.
Greater Springfield property prices
Our current range of Greater Springfield homes available to buy features a diverse range of property features. Individual suburb averages are listed below:
- Springfield: $820,000 (houses)
- Springfield Lakes: $780,000 (houses)
- Spring Mountain: $832,000 (houses)
- Augustine Heights: $830,000 (houses)
- Brookwater: $1.45 million (houses)
Once again, Brookwater is an outlier due to its greater range of premium houses on large blocks of land.
Besides Brookwater, all other Greater Springfield suburbs have average house selling prices that are still significantly below average Brisbane suburb prices. This makes it an attractive area for first-time investors, including ‘rentvestors’ (i.e. the increasing number of first-time property buyers opting to buy an investment property as their first purchase while continuing to rent elsewhere.
How to maximise your Greater Springfield rental property income
There are a range of ways to make your Greater Springfield investment property as attractive as possible to tenants to maximise your return:
- Invest in quality fixtures and fittings, especially in the kitchen and bathroom.
- Take care of any repairs and maintenance issues before you advertise for tenants.
- Invest in professional listing photography to highlight your property’s best features.
- Maximise your inspection appeal by ensuring that both the interior and exterior of your property is clean and tidy.
- Hire a great Greater Springfield property manager to help you source and retain high-quality tenants. When you do, you’ll have a hassle-free experience.
The bottom line
Greater Springfield landlords have favourable conditions to ensure healthy long-term investment property returns.
How our Purple Cow property management team can help you
If you have an investment property in the Greater Springfield area, we would love to manage it for you. The latest real estate.com.au figures show that we are currently generating market rents that are an average of 11% higher for our landlord clients than competing agents, as well as 26% more tenant enquiries for our rental property listings.
Or if you are keen to buy a Greater Springfield investment property, then our Purple Cow investment team can help you to find the right property and tenants to maximise your return.
Contact us today to find out how we can help you.
