Spring Hill rental market "resilient"
The latest RTA data is out and the graph below shows rents increased slightly in the December 2009 quarter, with median rent for a 2 bedroom apartment up $10 and back to the June figure of $540. The past year saw some tenant job losses and some rent drops.
For the most part though the area proved resilient and it’s the corporate and executive rental markets that have been most effected. There’s a much smaller number of rented houses in the area and their rent also crept back up to previous levels – now $500 for a 3 bed.
This is still far and away the most expensive rental destination in Brisbane and the number of rented homes is shrinking, with first home buyers and other owner-occupiers moving in at the expense of tenants.
Losing 165 homes from the rental pool this past quarter alone, it’s now at its lowest level in 3 and a half years. So while the new developments of 2003 to 2006 did boost supply enormously the number of rental homes on offer to tenants now is low and still shrinking.
Note: The RTA groups all of postcode 4000 including the CBD, so the stats quoted here cover the 2 suburbs.
Visit www.WhatRentMyHome.com.au for the latest median rents on other Brisbane suburbs or email me at firstname.lastname@example.org if you’d like a rental market estimate for your property.