Posts Tagged with Brisbane housing supply
Posted by admin on 14 October 2011
New data on Brisbane’s rental housing market shows tenants are not moving as often, staying longer in their homes to save money. And it seems landlords are keeping a lid on rent rises to keep them there. Bees Nees’ Annie von Rudzinski says the Residential Tenancies Authority’s latest stats showed the turnover of tenancies is lower than during 2010.
“Tenants know that moving house is expensive and if their rent increases are fair they’ll stay put. The RTA stats show that over the past year Brisbane’s median rents rose just 4% and that’s been accepted by the market,” Ms von Rudzinski said. “Landlords have become more cautious too and many are reluctant to have an empty property. We saw the same conservatism during the GFC in 2008 and this means tenants currently have less pressure on them,” she said.
But the supply of rental homes is rising slowly and without new construction rents will increase again. “Across Brisbane the total rental pool grew by just 1,253 properties in the September quarter. That’s half the number we added in the June quarter – we’re just not bringing a lot of new rental housing onto the market.”
September’s RTA stats showed no increase in rents on the June quarter. A 3 bedroom Brisbane house rent remained at $390 per week while a 2 bedroom apartment is $380.
Tags: Brisbane housing supply, Brisbane property manager, Brisbane rents, Brisbane tenants, median rents Brisbane, property management Brisbane
Posted in Brisbane landlords, Brisbane's rental market | No Comments »
Posted by admin on 21 July 2011
Rents rose strongly in the June quarter, our median 2 bed apartment rising $40 to a record $580 per week. The downturn in international students at the start of 2011
had slowed the market but a resurgent corporate demand has seen us achieve some great results for landlords. The supply of rental homes in this postcode is slowly starting to rise again, but we’re still below the levels of 2 years ago. The CBD’s record rents are steadily encouraging tenants to look up the hill and, while affordability is affecting some tenants, Spring Hill landlords are benefiting.
Note: RTA stats quoted here cover all of postcode 4000 including Spring Hill and Brisbane CBD
If you would like a rental appraisal for your property just give our head of Property Management – Annie von Rudzinksi a call on 07 3214 6899.
For median rent information visit www.whatrentmyhome.com.au
Tags: Brisbane apartments, brisbane cbd rents, Brisbane housing supply, Brisbane property manager, Brisbane real estate agents, Brisbane rents, cbd rents, investment property, median rents Brisbane, property management Brisbane, Rental Market, rental supply Brisbane, Spring Hill property manager, Spring Hill Real Estate Agent, Spring HIll REnts, tenants Brisbane
Posted in Brisbane CBD, Spring Hill | No Comments »
Posted by admin on 21 July 2011
We like to use the 2 bed apartment rents as our benchmark and across inner-Brisbane they rose 4% in the 3 months to June 30th. Across wider Brisbane City they rose just 1% and there’s no doubt some pockets are witnessing stronger demand than others. Rents in Woolloongabba and Dutton Park area rose a very strong $40/week to $440, but local 3 bedroom houses dipped $20. So while the trend is up the market is still finding its way. There’s still some catch up on neighbouring suburbs happening and tenants are recognising the good value the suburb offers.
Note: RTA stats quoted here cover all of postcode 4102 including Woollongabba, Buranda and Dutton Park
If you would like a rental appraisal for your property just give our head of Property Management – Annie von Rudzinksi a call on 07 3214 6899.
For median rent information visit www.whatrentmyhome.com.au
Tags: apartments for rent woolloongabba, Brisbane apartments, Brisbane housing supply, Brisbane property manager, Brisbane real estate agents, Brisbane rents, Dutton Park property manager, gabba property manager, gabba rents, investment property, median rents Brisbane, property management Brisbane, Rental Market, rental market woolloongabba, rental supply Brisbane, rents in woolloongabba, tenants Brisbane, woolloongabba property manager
Posted in Brisbane's rental market, Dutton Park, Woolloongabba | No Comments »
Posted by admin on 18 July 2011
We like to use the 2 bed apartment rents as our benchmark and across inner-Brisbane they rose 4% in the 3 months to June 30th. Across wider Brisbane City they rose just 1% and there’s no doubt some pockets are witnessing stronger demand than others. Rents in this 4101 peninsula dropped $20 to $480 after a $30 rise in the March quarter. So while the trend is up the market is still finding its way. We added just 31 homes to the local rental pool in the June quarter, and while some new apartment projects are underway there’s good reason to expect rents to grow further.
Note: RTA stats quoted here cover all of postcode 4101 including South Brisbane, Highgate Hill and West End
If you would like a rental appraisal for your property just give our head of Property Management – Annie von Rudzinksi a call on 07 3214 6899.
For median rent information visit www.whatrentmyhome.com.au
Tags: Brisbane apartments, Brisbane housing supply, Brisbane property manager, Brisbane real estate agents, Brisbane rents, Highgate Hill property manager, Highgate Hill Rents, investment property, median rents Brisbane, property management Brisbane, Rental Market, rental supply Brisbane, South Bank Rents, South Brisbane property manager, South Brisbane Rents, tenants Brisbane, West End property manager
Posted in Brisbane landlords, Brisbane's rental market, Highgate Hill, South Brisbane and South Bank, West End | No Comments »
Posted by admin on 28 June 2011
We are constantly being bombarded by stats on everything these days. Here is another that will surprise you. We are currently hearing in the media that there are more listings on the market now than last year (some commentators speculating that there are 30% more in Brisbane) but in Spring Hill this is NOT the case.
I have just done a count on realestate.com and as of today there are currently 79 listings (apartments and houses) which are not either under contract or sold. This number fluctuates from week to week but I watch it every day and over the last 12 months the numbers are virtually identical with 81 listings on the market this time last year.
More surprisingly is the fact that as of today also only 11 out of the 79 have open homes advertised for this weekend or approx 14% that’s 1 in 7, the others all have call for an appointment. We all know that a lot can’t have open homes for various reasons including being in a hotel pool, owners preferring private viewings and so on. It is clear that a lot of these properties aren’t really for sale at all, at least not at the advertised price as many have been advertised with no adjustments for 6 months + and are clearly not being actively marketed and it appears that both the agent and the owner has given up on the sale.
Owners in this position have comments such as “oh well it’s not costing me anything to have it on the market”. WRONG!!! Clearly they are not doing themselves or the complex (in the case of apartments) any service whatsoever and should either get serious about their sale and actively market and price it correctly, or simply take it off the market. Simple supply and demand economics dictates more supply the cheaper the price, less demand the cheaper the price. Owners either get serious or at least shift the supply line to the left and prices, guess what? They go up.
Tags: Brisbane house prices, Brisbane housing supply, Brisbane real estate agents, pricing strategy, selling a house Brisbane, selling an apartment Brisbane
Posted in Spring Hill | No Comments »
Posted by admin on 16 June 2011
The ABS have released new stats today that show how truly multicultural this nation has actually become. Walking around Brisbane’s inner city you see a good reflection of the findings below and it’s interesting to consider how these trends might change demands on our housing. For example will less Brits coming here and more Chinese mean a bigger appetite for higher density living? (As well as less demand for hot beer and cold pies….)
“Almost 6 million migrants, born in over 200 countries, live in Australia. According to figures released today by the Australian Bureau of Statistics (ABS), 27% of Australia’s resident population were born overseas, as at June 2010. People born in the United Kingdom continued to be the largest group of overseas-born residents, accounting for 1.2 million people. The next largest group was born in New Zealand with 544,000 people, followed by China (380,000 people), India (341,000) and Italy (216,000).
Over the last decade, the proportion of those born in the UK declined from 5.9% of Australia’s population in 2000 to 5.3% in 2010. In contrast, the proportions increased for people born in New Zealand (from 1.9% to 2.4%), China (from 0.8% to 1.7%) and India (from 0.5% to 1.5%). The majority (76%) of overseas-born residents were of working age, 15–64 years at June 2010. Migrants born in Asia, America and Africa had proportionally larger young (0–14 years) and working age (15–64 years) populations compared to those from Europe.
In 2009–10, net overseas migration contributed the greatest number of people to the most populous states: New South Wales with a net of 66,000 persons, followed by Victoria (60,400) and Queensland (39,700). The Northern Territory had the lowest contribution with a net of 1,300 persons.”
Tags: Australian Bureau of Statistics, Brisbane housing supply, population growth Brisbane
Posted in trends in Brisbane property | No Comments »
Posted by admin on 30 May 2011
Plenty of real estate market watchers quote populations stats when “reading the tea leaves” for our industry. It makes sense that more people means greater housing demand. So some have pointed to slowing overseas migration as a warning sign for property prices. Here’s a handy reminder of the facts:
It takes some time for the ABS to release the data so the latest we have is for the year to Sept 30th 2010. And that showed net overseas migration down 40% on that same quarter a year earlier. That’s a sharp drop. But it also shows that our natural increase in population accounted for almost half of our population growth in the year. Australians stand proud, we’re amongst the best reproducers in the western world! And we’re getting pretty good at living longer too. So easing overseas arrivals won’t stop our growth.
And yes in case you missed it, our population grew 1.6% over that year – a jump of almost 350,000 (or twice the size of Townsville’s population) added to our numbers. Queensland’s resident numbers grew by almost 1,600 per week. So slower growth is still very strong growth.
Demographer Bernard Salt, writing in a recent Australian Newspaper column, remarks on the government’s own forecasts for continued growth. He points out that while the pollies talk about numbers dropping their own Federal budget papers show they’re still expecting net overseas migration to return to 180,000 next year.
If Dick Smith and the other ’small Australia’ proponents have any hope they’ll have to convince Australians to stop having babies. Good luck with that.
Tags: Australian Bureau of Statistics, Bernard Salt, Brisbane house prices, Brisbane housing supply, Brisbane population growth
Posted in trends in Brisbane property | 1 Comment »
Posted by Rob Honeycombe on 30 May 2011
We keep a close eye on what’s for sale in Highgate Hill and there’s been a fairly sizable drop in the numbers over the past couple of weeks. As at today there’s just 11 Highgate Hill houses on the market for example, and of those only 4-5 are actively campaigning (i.e. doing more than just sitting on the web). This peaked at 24 at the time of January’s floods and has stayed around 20 for most of this year.
Local apartment listings are also down with just 24 now for sale, having peaked at 33 just a month ago.
This is positive news for local property owners as it means there’s less for buyers to choose from, and less price competition. It supports our view that very few owners are in a forced-sale situation – many would like to sell and upgrade/downgrade/move elsewhere, but they’re prepared to sit out this current market dip.
Surrounding suburbs are witnessing a similar drop in homes for sale, so if you’re looking to buy you might like to make your move now!
Tags: Brisbane housing supply, Brisbane real estate agents, selling a house Brisbane, selling an apartment Brisbane, time on market
Posted in Brisbane's sales market, Highgate Hill | No Comments »
Posted by admin on 15 April 2011
A new report shows Brisbane tenants are paying $10 per week more in rent.
Bees Nees Research Managing Director, Rob Honeycombe says Brisbane’s rents rose for both apartments and houses during the March quarter. Residential Tenancies Authority stats released today show upward pressure on rents right across Brisbane’s suburbs.
“People will point to the January floods as the reason for rents rising, and some heavily-effected suburbs did have spikes in their rents. A 2 bedroom apartment in St Lucia for example jumped $20 per week, with many apartments still damaged at the start of the University year. But other flood-impacted areas like Rosalie, Milton and Paddington actually saw a drop of $5 per week.”
“We’d argue the trend was already in place for increases to rents. Without new construction in recent years the market was always going to catch up and we now have a rental housing shortage. Brisbane tenants have had pretty flat rents for over 2 years but their rents are now definitely on the rise”.
A median 3 bedroom Brisbane house now rents for $390 per week, while a 2 bedroom apartment is $375.
“One clear impact of the floods was that unless tenants had to move, they stayed put. Turnover was lower than for the same period in 2010, especially in inner-city suburbs where there were 7% less new bonds lodged this past quarter.”
Tags: Brisbane apartments, Brisbane floods 2011, Brisbane houses, Brisbane housing supply, Brisbane property manager, Brisbane tenants, median rents Brisbane, Milton Brisbane, Paddington Brisbane, property management Brisbane, rental supply Brisbane, Residential Tenancies Authority, Rosalie Brisbane, St Lucia Brisbane, Toowong Brisbane
Posted in Brisbane landlords, Brisbane's rental market | No Comments »
Posted by admin on 1 April 2011
Westpac's Bill Evans
A really interesting seminar today with the Real Estate Institute of Queensland and guest speaker Bill Evans, Chief Economist with Westpac.
Bill says 95% of Queenslanders believe that interest rates are on the way up. We’re amongst the nation’s most pessimistic on this topic and a big number of us expect rate rises to exceed a full percentage point. But his forecasts point to just a 0.25% rise over the next 12 months. He says there’s “no way” we can expect a full 1%. Bill’s an economist and they do make mistakes in their forecasts – but he’s been in the same job for 20 years so you have to give him a bit of a hearing.
Interestingly when they survey on whether it’s a good time now to buy real estate, most of us say “absolutely yes”. But many of us don’t want to do it ourselves! Bill says memories of GFC job insecurities still linger and even with the mining boom happening under our noses here in Queensland many of us think it won’t benefit us personally.
He says underlying demand for housing is still very strong and any comparison to the US housing market is “fundamentally flawed”.
Tags: Bill Evans Westpac, Brisbane house prices, Brisbane housing supply, interest rates, Real Estate Institute of Queensland
Posted in Brisbane's sales market | No Comments »
New data on Brisbane’s rental housing market shows tenants are not moving as often, staying longer in their homes to save money. And it seems landlords are keeping a lid on rent rises to keep them there. Bees Nees’ Annie von Rudzinski says the Residential Tenancies Authority’s latest stats showed the turnover of tenancies is lower than during 2010.
