After the floods – rents rises for Brisbane
A reported 11,900 Brisbane homes were completely flooded last week, with another 14,700 partially flooded. So naturally there’s some panic that Brisbane is about to have a severe housing crisis. If you’ve been forced from your home this is a heartwrenching time and our thoughts are very much with those residents.
But in looking at the potential rental demand we just don’t believe the numbers of inner-city tenants looking for a new dwelling is anywhere near as high as they’re being reported.
Estimates had to be given, no-one can physically check every home and we don’t know the source of the Courier Mail’s data. But according to a spreadsheet on their website South Brisbane for example had 2,132 residential properties either fully or partially flooded. But out there on the ground we just can’t find them! There’s no lines of debris on the footpaths, no army assistance and little of that muddy stench that’s already the tell-tale of a submerged Brisbane street. Brisbane CBD has 1,199 residential dwellings inundated according to the list but most, if not all, of these will be highrise towers.
A number of buildings had some water into their basements and the limited access and power outages are a pain in the backside. A number of these residents have had to seek short-term accommodation. But how many will need new homes? In perhaps many inner-Brisbane suburbs, the numbers may be a lot less than anticipated.
The RTA yesterday released their rental data for the December quarter and it shows many inner-Brisbane suburbs have already had a small rent rise, something we’ve seen amongst our rentals for some weeks now. January and February are our peak leasing months, especially near the universities, and we were expecting a rise in rents before the floods.
Short-term accommodation will be strained to capacity, and rents will see some solid growth. But in our view landlords shouldn’t count on skyrocketing rents as a result of the floods.
To see the latest median rental data for your suburb (choose your bedroom number and dwelling type) go to www.WhatRentMyHome.com.au