Despite the number of rental homes still dropping in Spring Hill and the CBD latest data shows recent growth of the rental pool in Brisbane’s overall inner city. After 3 years of shrinking supply tenants now have more properties to choose from, largely due to investors returning to the sales market. So it’s no surprise that rents in postcode 4000 decreased slightly in the March 2010 quarter, with median rent for a 2 bedroom apartment down $10 to $530.
The past year has effectively seen no rent increase but despite some tenant job losses 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 dropped – now $475 for a 3 bed.
This is still far and away the most expensive rental destination in Brisbane and the stable rents confirm that the area needs more new apartments to fill demand. While the new developments of 2003 to 2006 did boost supply enormously the number of rental homes on offer to tenants is not growing at the rate needed.While it’s growing across inner Brisbane the CBD and Spring Hill are not getting their share.
Note: RTA stats quoted here cover all of postcode 4000 including Spring Hill and the CBD.