West End Rental Update: Summer 2017
West End rental update: Summer 2017
Our office had a record January with 41 new leases signed
The full year’s data is now in for 2016 and no-one’s surprised to see it’s been a record for new supply, with the local rental pool growing by a very substantial 10%! We now have almost 7,000 rental homes in the 4101 postcode. The reported median rents have stayed flat and, while there’s some comfort for landlords that demand may be keeping up with supply, these new apartments usually have high rents. So there’s some ‘upwards distortion’ in the stats and our on the ground experience tells us local rents are clearly lower.
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 this neighbourhood. Demand is growing at a rapid pace. Our latest count of new projects under construction in 4101 shows another 4,230 apartments to be completed by the end 2018. So we’ll need that high demand to grow a little further yet!
Note: RTA stats quoted here cover all of postcode 4101 including South Brisbane and Highgate Hill.
For more information on our services or a property appraisal, please contact our Property Management Team on 07 3214 6899.
Continue reading about West End’s Sales Update – Summer 2017 on our blog.