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Rental prospects in Queensland for the coming year

With 2014 in full swing, investors' attention will no doubt be turning to where their best rental prospects will be over the next 12 months.

The Queensland property market exited 2013 relatively unscathed, leading many people to take a fresh look at their property investment strategy.

Here are some areas that might be worth considering for a Queensland investment property over the coming months.

Brisbane

The state capital is in high demand at the moment, with stock levels declining across the city.

Data from SQM Research indicates the number of available properties in Brisbane declined 4 per cent between December 2012 and 2013 as more people look to make the most of its success.

Between November and December 2013 alone there was a 10.3 per cent drop in the number of properties on the market.

West Brisbane

If you are looking for a property that is close to all the amenities of the CBD but slightly further away, West Brisbane could be just what you need.

Asking rents in this part of Queensland have risen 10.7 per cent for houses and 6.5 per cent for units over the past three years, SQM Research reveals, giving plenty of reason for optimism among investors.

Ipswich

The south-east Queensland city of Ipswich is another one to watch this year, especially when it comes to rental properties.

Both units and houses are offering strong returns at the moment. SQM Research figures from the week to January 7 2014 show asking rents for houses have increased 1.9 per cent over the course of a year and are 3 per cent higher than three years ago.

Units have likewise become increasingly popular, with asking rents experiencing a 0.3 per cent rise over the past 12 months.

Toowoomba

One of the standout performers of recent times has been Toowoomba, which looks set to be in for another good year.

Investors with their sights set on houses will be glad to hear that asking rents have increased 5.5 per cent over the past year and 10.5 per cent over the past three.

As for units, the growth is even more impressive. Landlords are now asking for 13.9 per cent more rent than they were just 12 months ago.

North Queensland

Like many other parts of the country, North Queensland has had its ups and downs lately. However, figures are encouraging for the start of 2014, which could see renewed interest in places such as Mackay and Townsville.

The past three years has seen asking prices for rental houses increase by a considerable 65.7 per cent, compared to an also impressive 30.1 per cent for units.

On a 12-month basis, rises of 5.7 per cent and 6.9 per cent respectively have been registered.