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Posts Tagged with rental supply Brisbane

Posted by admin on 19 January 2011

and the clean up begins

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

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

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 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 Rob Honeycombe on 18 January 2010

SL8 ApartmentsOur inner-city’s rental pool shrank again in 2009, confirmed by new data on Brisbane’s housing market. The Residential Tenancies Authority last week released their December quarter stats and the news for tenants isn’t good: the inner city has “lost” almost 500 homes.

First home buyers  bought up rental properties and owner-residents continued the trend to move in from Brisbane’s outer ‘burbs.

These buyers have booted out tenants and without any new apartment projects completed the rental homes haven’t been replaced. When you have 500 homes disappear in 3 months it means tenants wanting to be amongst the action and lifestyle of the city now have less to choose from.

The RTA track all rental bonds and across greater Brisbane the total reduced by 538 in the December quarter. The inner city suburbs accounted for 490 of them.

And there’s no big additions to the rental pool on the horizon.

There’s just one big tower under construction in the CBD but it’s at least 2 years away. Across the inner city we have a couple of apartment buildings nearing completion but many of their sales have already been made to owner-residents. It’s going to be well into 2011 before we see any worthwhile increase in supply.

Despite this we’d suggest last week’s controversial Australian Property Monitors forecast for an 8% rent rise in Brisbane during 2010 is  not something landlords should ‘take to the bank’.

December’s stats showed a 2 bedroom inner city apartment was now $440 per week, with that median rent not changing since March 2009. The RTA includes the CBD and surrounding 20 suburbs in their “city inner” category, and that area now has just 29,294 rental homes.

Read more on the latest stats on Brisbane median rents.

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Posted in Brisbane landlords, Brisbane's rental market | 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 Rob Honeycombe on 13 October 2009

The latest stats are out for the September quarter with good times remaining for tenants.

The median rent for a 2 bedroom apartment across the inner suburbs remains unchanged at $440/week, while postcode 4000 (CBD and Spring Hill) dropped $10 to $530/week. Job losses in the CBD have hit home and tenants have had the option to move to cheaper suburbs.

Three bedroom houses also dropped $10, now $450 across inner Brisbane.

Tenants should enjoy the lull in rents – it may be short-lived. The number of properties in the rental pool dropped again in the quarter and we’re not replacing them with new construction. And fewer tenants are leaving to become first home buyers.

If you’d like to see the median rents for your suburb go to www.WhatRentMyHome.com.au for free, instant rental stats (and no need to give your name, email etc!)

brisbane rents

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

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