Our inner-city’s rental pool shrank again in 2009, confirmed by new data on Brisbane’s housing market. The Residential Tenancies Authority last week released their December quarter stats and the news for tenants isn’t good: the inner city has “lost” almost 500 homes.
First home buyers bought up rental properties and owner-residents continued the trend to move in from Brisbane’s outer ‘burbs.
These buyers have booted out tenants and without any new apartment projects completed the rental homes haven’t been replaced. When you have 500 homes disappear in 3 months it means tenants wanting to be amongst the action and lifestyle of the city now have less to choose from.
The RTA track all rental bonds and across greater Brisbane the total reduced by 538 in the December quarter. The inner city suburbs accounted for 490 of them.
And there’s no big additions to the rental pool on the horizon.
There’s just one big tower under construction in the CBD but it’s at least 2 years away. Across the inner city we have a couple of apartment buildings nearing completion but many of their sales have already been made to owner-residents. It’s going to be well into 2011 before we see any worthwhile increase in supply.
Despite this we’d suggest last week’s controversial Australian Property Monitors forecast for an 8% rent rise in Brisbane during 2010 is not something landlords should ‘take to the bank’.
December’s stats showed a 2 bedroom inner city apartment was now $440 per week, with that median rent not changing since March 2009. The RTA includes the CBD and surrounding 20 suburbs in their “city inner” category, and that area now has just 29,294 rental homes.
Read more on the latest stats on Brisbane median rents.