Spring Hill Rental Update: Summer 2017
Spring Hill rental update: Summer 2017
Our office had a record January with 41 new leases signed
It’s been a decade since any notable change in the local rental market but with new projects recently completed in Spring Hill, no-one’s surprised to see 2016’s been a big year for new supply. The local rental pool grew by a very substantial 8%! We now have over 5,200 rental homes in the 4000 postcode. Median rents have dropped further with local 2 bed apartments now down to $538/week, well below the 2015 peak of $600.
Our office had a record January with 41 new leases signed, and our property managers are witnessing first-hand the considerable interest from middle and outer ring Brisbane tenants moving in to be a part of the inner-city lifestyle. Demand is growing at a rapid pace but there is still significant supply to come online in surrounding suburbs with new apartment projects under construction. So we’ll need that high demand to grow a little further yet!
Note: RTA stats quoted here cover all of postcode 4000 including Brisbane CBD.
For more information on our services or a property appraisal, please contact our Property Management Team on 07 3214 6899.
Continue reading about Spring Hill’s Sales Update – Summer 2017 on our blog.