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Posts Tagged with median rents Brisbane

Posted by admin on 25 October 2010

The big news in the latest data is the recent growth of the rental pool in Brisbane’s inner city. After 3 years of shrinking supply 2010 has reversed that trend and tenants now have more properties to choose from. Some of this may be due to investors returning to the sales market, along with “hotel” apartments been placed back in the long term rental pools. The past year has effectively seen no rent increase ($540/week) but for the most part 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 has firmed – now $520 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 still 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.

Note: RTA stats quoted here cover all of postcode 4000 including Spring Hill.

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Posted in Brisbane CBD, Brisbane's rental market | No Comments »

Posted by admin on 19 July 2010

The Residential Tenancies Authority recently released their June quarter stats and analysis by Bees Nees Research shows inner Brisbane’s rents have now remained flat for well over a year. Small drops in some suburbs shows landlords are being cautious and reducing their rents to keep their homes rented.

Bees Nees head of Property Management Annie von Rudzinski said a more balanced market had replaced the strong rental growth of 2007-2008.

“In postcode 4101 for example we have the same median rents for a 2 bed apartment that we did in September 2008 at $450 per week. The appeal of South Brisbane, West End and Highgate Hill is still very much on the rise but saving money in tougher times has drawn some tenants into cheaper areas further out.”

The RTA shows rents are flat right across Brisbane and Ms von Rudzinski believes landlords are reluctant to push for rent increases. “Rising interest rates do make some landlords nervous and that has a flow on effect. To see a drop in popular spots like Fairfield and Annerley (down $10 to $310 per week for a 2 bed apartment) suggests tenants are getting good value. A typical house in that area is still $400 per week, the same level as September 2008.”

One of the few inner city areas to see a rise in the June quarter was a $10 increase for Woolloongabba/Dutton Park apartments.

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Posted in Brisbane landlords, Brisbane's rental market, Dutton Park, Highgate Hill, South Brisbane and South Bank, West End, Woolloongabba | No Comments »

Posted by admin on 14 April 2010

The latest rental stats have been released and they help explain the large number of rentals currently available. Here’s our Research team’s media release:

Brisbane’s rental market has had a massive boost, with over 1100 homes added to the rental pool in the first quarter of 2010. According to new Residential Tenancies Authority stats the past year’s decline in the number of rented homes has finally stopped.

Bees Nees Research Managing Director, Rob Honeycombe says investors have replaced first home buyers and are offering Brisbane’s tenants more choice.

“Investors have been sitting on the sidelines and during 2009 the rental pool just continued to shrink.  There’s now a lot more confidence in bricks and mortar and the RTA stats show property investors have started to dive in,” Mr Honeycombe said.

The RTA track all rental bonds and across Brisbane the total leapt by 1145 in the March quarter. Mr Honeycombe said this data followed this week’s ABS finance stats which showed investors’ share of lending is growing strongly.

“The inner city has been the standout, with 693 extra rental homes added since the start of 2010. That’s more growth in a quarter than we’ve seen since 2006.”

Mr Honeycombe said rents had mostly showed small gains, with Brisbane’s median 2 bedroom apartment rent now at $365 per week.

To get the latest median rent for your suburb visit www.WhatRentMyHome.com.au

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Posted in Brisbane landlords, trends in Brisbane property | No Comments »

Posted by admin on 16 January 2010

MEDIA RELEASE
Saturday 16th January 2010

New data on Brisbane’s rental housing market was released yesterday and it shows the city’s rents flat-lined during 2009. According to the Residential Tenancies Authority statistics, the December quarter again showed no change to median weekly rents.

Bees Nees Research Managing Director, Rob Honeycombe says a typical Brisbane house has now had the same rent for a year, with apartments rising just 1%. So this week’s controversial Australian Property Monitors forecast for an 8% rise during 2010 is “ambitious”, he said.

“There’s a shortage of rental homes, no doubt about that. But 8% growth is a big leap from 0%”, Mr Honeycombe said.

December’s stats showed a 3 bedroom Brisbane house rent remained at $370 per week while a 2 bedroom apartment still costs $355.

Mr Honeycombe said the APM forecast pointed to greater job confidence amongst Brisbane tenants and the end of the First Home Boost as stimulants for higher rents.

“On the ground, real estate agents are reporting a busy January market with a lot more turnover than any time during 2009. But tenants are not generally agreeing to big rent increases. There’s obviously still caution about their jobs and rent affordability remains top of mind.”

“Landlords are still cautious too. Their mortgage rates are up and they don’t want to risk a vacant home.”

“This will be a better year for property investors but we’d argue the rent rise will be a steady one.”

Bees Nees Research

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Posted in Brisbane landlords, Brisbane's rental market | 1 Comment »

Posted by admin on 15 January 2010

The latest RTA data is out and the graph below shows rents increased slightly in the December 2009 quarter, with median rent for a 2 bedroom apartment up $10 and back to the June figure of $540. The past year saw some tenant job losses and some rent drops.

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 crept back up to previous levels – now $500 for a 3 bed.

This is still far and away the most expensive rental destination in Brisbane and the number of rented homes is shrinking, with first home buyers and other owner-occupiers moving in at the expense of tenants.

Losing 165 homes from the rental pool this past quarter alone, it’s now at its lowest level in 3 and a half years. So while the new developments of 2003 to 2006 did boost supply enormously the number of rental homes on offer to tenants now is low and still shrinking.

Note: The RTA groups all of postcode 4000 including Spring Hill, so the stats quoted here cover the 2 suburbs.

Visit www.WhatRentMyHome.com.au for the latest median rents on other Brisbane suburbs or email me at karenb@beesnees.com.au if you’d like a rental market estimate for your property.

Brisbane CBD rental market

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Posted in Brisbane CBD | No Comments »

Posted by admin on 15 January 2010

The latest RTA data is out and the graph below shows rents increased slightly in the December 2009 quarter, with median rent for a 2 bedroom apartment up $10 and back to the June figure of $540. The past year saw some tenant job losses and some rent drops.

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 crept back up to previous levels – now $500 for a 3 bed.

This is still far and away the most expensive rental destination in Brisbane and the number of rented homes is shrinking, with first home buyers and other owner-occupiers moving in at the expense of tenants.

Losing 165 homes from the rental pool this past quarter alone, it’s now at its lowest level in 3 and a half years. So while the new developments of 2003 to 2006 did boost supply enormously the number of rental homes on offer to tenants now is low and still shrinking.

Note: The RTA groups all of postcode 4000 including the CBD, so the stats quoted here cover the 2 suburbs.

Visit www.WhatRentMyHome.com.au for the latest median rents on other Brisbane suburbs or email me at karenb@beesnees.com.au if you’d like a rental market estimate for your property.

Spring Hill rental market

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Posted in Spring Hill | No Comments »

Posted by Rob Honeycombe on 15 January 2010

The latest RTA data is out and the graph below shows rents stayed the same during the December quarter, still the $450 per week for a 2 bed apartment we’ve had since September of 2008. After booming rents in 2007/2008 the demand/supply equation evened out during 2009.

Some new rental supply was added with the “SL8″ apartments (112 of them) in West End, and combined with some tenant job losses there’s been less local competition for homes. Many tenants became first home owners so this also reduced the rental demand.

The median rent for three bed houses did drop back to $450 but with just a few bonds lodged (median rents are only calculated on new tenancies) it’s hard to make any sweeping statements on that. Obviously new houses aren’t been added to the market in any great number.

Despite the flat rental prices this remains Brisbane’s most expensive rental area outside the CBD. Looking ahead we’d suggest rents will continue to grow as the suburb’s popularity is definitely on the rise and we anticipate very few new homes being completed over coming months.

Note: The RTA groups all of postcode 4101 including South Brisbane and West End, so the stats quoted here cover the 3 suburbs.

Visit www.WhatRentMyHome.com.au for the latest median rents on other Brisbane suburbs or email me at karenb@beesnees.com.au if you’d like a rental market estimate for your property.

Highgate Hill rental market

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Posted in Highgate Hill | No Comments »

Posted by admin on 15 January 2010

The latest RTA data is out and the graph below shows rents stayed the same during the December quarter, still the $450 per week for a 2 bed apartment we’ve had since September of 2008. After booming rents in 2007/2008 the demand/supply equation evened out during 2009.

Some new rental supply was added with the “SL8″ apartments (112 of them) in Musgrave Street, and combined with some tenant job losses there’s been less local competition for homes. Many tenants became first home owners so this also reduced the rental demand.

The median rent for three bed houses did drop back to $450 but with just a few bonds lodged (median rents are only calculated on new tenancies) it’s hard to make any sweeping statements on that. Obviously new houses aren’t been added to the market in any great number.

Despite the flat rental prices this remains Brisbane’s most expensive rental area outside the CBD. Looking ahead we’d suggest rents will continue to grow as the suburb’s popularity is definitely on the rise and we anticipate very few new homes being completed over coming months.

Note: The RTA groups all of postcode 4101 including Highgate Hill and South Brisbane, so the stats quoted here cover the 3 suburbs.

Visit www.WhatRentMyHome.com.au for the latest median rents on other Brisbane suburbs or email me at karenb@beesnees.com.au if you’d like a rental market estimate for your property.

West End rental market

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Posted in West End | No Comments »

Posted by admin on 15 January 2010

The latest RTA data is out and the graph below shows rents stayed the same during the December quarter, still the $450 per week for a 2 bed apartment we’ve had since September of 2008. After booming rents in 2007/2008 the demand/supply equation evened out during 2009.

Some new rental supply was added with the “SL8″ apartments (112 of them) in West End, and combined with some tenant job losses there’s been less local competition for homes. Many tenants became first home owners so this also reduced the rental demand.

The median rent for three bed houses did drop back to $450 but with just a few bonds lodged (median rents are only calculated on new tenancies) it’s hard to make any sweeping statements on that. Obviously new houses aren’t been added to the market in any great number.

Despite the flat rental prices this remains Brisbane’s most expensive rental area outside the CBD. Looking ahead we’d suggest rents will continue to grow as the suburb’s popularity is definitely on the rise and we anticipate very few new homes being completed over coming months.

Note: The RTA groups all of postcode 4101 including Highgate Hill and West End, so the stats quoted here cover the 3 suburbs.

Visit www.WhatRentMyHome.com.au for the latest median rents on other Brisbane suburbs or email me at karenb@beesnees.com.au if you’d like a rental market estimate for your property.

brisbane rental market

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Posted in South Brisbane and South Bank | No Comments »

Posted by admin on 18 December 2009

Our MD Rob writes a regular column for the property pages of OurBrisbane.com Here’s the latest:

Brisbane apartmentIf life is like a box of chocolates, Brisbane’s inner city is the variety pack! Property investors can choose from modern studio apartments for $140,000 or six-pack style apartments from the 1970’s for $350,000. Modern high-rise apartments range from $350,000 to $7 million. Or for those who crave their own piece of dirt, houses are generally priced from $500,000 upwards.

As a property investor do you see yourself as a small business person? You should. Your annual rental income will likely be $25,000 or more, so it’s worth having a good hard look at the rental marketplace and working out what product offering you’re going to make.

Some people dream of owning a riverfront penthouse, but for rental returns they’re lousy. There are not many tenants wanting to spend $2000 per week. Median priced homes are the safest territory as this is where the majority of people live. Around the CBD and surrounding suburbs the going rate is $430-$520/week for a 2-bedroom apartment. Have a look at www.WhatRentMyHome.com.au for median rents in all inner city suburbs.

Tenants don’t have the long term focus of a buyer, so while future improvements like new bridges, tunnels or new shops are all a key part of your capital gain plans, they’re not going to earn more rent for you today. A suburb like Woolloongabba might not earn top rent today, but what if that new subway goes ahead with a station in the suburb linking it directly to the CBD’s Riverside Centre?

We see investing in property as a balancing act, capital gains being the main aim and rental returns important to your holding costs.

So why choose the inner city over a modern house in the ‘burbs? Like many purchasing decisions your location choice is probably more about your own needs than the final property you buy. Is it a set-and-forget investment where you have minimal involvement? Or do you want to add value to the property by spending your weekends labouring at plastering walls or back-breaking paint work? (Okay so I’m giving away some bias here!). Your decision will vary too if you’ll want to make the place your own home one day.

What the inner city clearly offers investors is Brisbane’s largest rental market. We survey tenants regularly and a home’s proximity to their workplace always ranks highly in their decision making.

The CBD is our largest workplace by a country mile, with St Lucia’s University campus also a massive pool of potential tenants. We don’t believe rental returns will make you rich but, for peace of mind, keeping your cash input to a minimum, and simply having the largest choice of potential occupants, it’s hard to beat the inner city.

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Posted in Brisbane CBD, Brisbane landlords, Brisbane's rental market, Brisbane's sales market, Woolloongabba | No Comments »

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