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
Tags: Brisbane housing supply, Brisbane real estate statistics, Brisbane rents, median rents Brisbane, rental supply Brisbane, Residential Tenancies Authority, tenant marketing Brisbane
Posted in Brisbane landlords, trends in Brisbane property | No Comments »
Posted by admin on 8 March 2010
Great news for landlords and tenants of the Bees Nees team with our
Bees Nees' Annie von Rudzinski
Manager Annie von Rudzinski elected to the Property Management Chapter Committee for the Real Estate Institute of Queensland. Annie has worked in this part of the industry since the early 1990’s and her appointment recognises her experience, and ability to help direct REIQ’s position on legislation and other tenancy issues. Annie’s keen to hear input on how things could be improved on all sides of the rental marketplace.
Principal Rob Honeycombe has also been asked to join the Residential Tenancies Authority’s Industry Development Forum. Rob was recently elected to the board of the REIQ and will represent the Institute at this Forum. After a new full Act’s introduction in 2009 this is a quieter year for the RTA, but the industry’s still adapting to the changes.
Tags: Brisbane property manager, property management Brisbane, Real Estate Institute of Queensland, Residential Tenancies Authority, tenants Brisbane
Posted in Brisbane landlords, Brisbane's rental market | No Comments »
Posted by Rob Honeycombe on 18 January 2010
Our 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.
Tags: first home buyers, rental bond Queensland, rental supply Brisbane, Residential Tenancies Authority
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.”
Tags: Australian Property Monitors, Brisbane landlords, Brisbane property research, Brisbane rents, First Home Owners Boost, median rents Brisbane, rental prices Brisbane, rental supply Brisbane, Residential Tenancies Authority, tenants Brisbane
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.
Tags: Brisbane rents, median rents Brisbane, rental supply Brisbane, Residential Tenancies Authority
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.
Tags: Brisbane rents, median rents Brisbane, rental supply Brisbane, Residential Tenancies Authority
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.
Tags: median rents Brisbane, rental prices Brisbane, rental supply Brisbane, Residential Tenancies Authority, SL8 Apartments West End Brisbane
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.
Tags: median rents Brisbane, rental supply Brisbane, Residential Tenancies Authority, SL8 Apartments West End Brisbane
Posted in West End | No Comments »
Posted by admin on 29 December 2009
It’s excellent to see that the Residential Tenancies Authority have released a ‘Green Booklet’ for landlords.
Each time we sign up a new tenant and handover keys, we must provide the RTA’s Form 17a Information Statement or “The Green Booklet”. We love The Green Booklet as it explains so many basic rules relating to a tenancy.
It’s good to provide the same basic info to landlords, as if there is something a landlord doesn’t understand, they can find general information in this booklet.
Some landlords assume incorrect information and this type of document is produced widely to educate, which we love!
But even if you CAN understand 36 pages, the booklet is no substitute for years of experience and knowledge.
All Property Managers will tell you that you keep learning throughout your career and in a team environment when we have a challenge we seek advice from our colleagues… so how can a landlord possibly manage the risks of tenancies themselves?
Starting a tenancy
All tenants are good while they’re good, and yes they’re easy to manage. Once you have an actual dispute to manage, it’s a very different story!
For more advice, tips and info go to
www.rta.qld.gov.au or www.beesnees.com.au/faqs_1.html
Tags: Brisbane property manager, Brisbane tenants, Green Booklet, Queensland tenancy legislation, Residential Tenancies Authority, rules of renting
Posted in Brisbane landlords | No Comments »
Posted by admin on 13 July 2009
The rental market’s been so strong for so long that many of us probably thought rents would be maintained despite the economic slowdown. In this past June quarter they have dropped across Brisbane (albeit rents in the inner city suburbs are still up slightly) and we’d suggest this is largely due to caution from landlords rather than any major change in the supply/demand equation.
Here’s a copy of today’s media release from our Research team:
New data on Brisbane’s rental housing market was released today and it shows the city’s rents have dropped for the first time in more than 7 years.
According to the latest Residential Tenancies Authority statistics the June quarter saw median weekly rents drop by $10 for a 2 bed apartment.
Bees Nees Research Managing Director, Rob Honeycombe says the drop from $360 to $350 per week shows tenants are often getting small discounts from landlords. He says many are nervous about having a vacancy.
“Property owners are just more cautious and focused on economic issues, they don’t want to have any ‘downtime’ between tenants and they’re dropping rents quickly to avoid that”, Mr Honeycombe said.
Mr Honeycombe said the Residential Tenancies Authority (RTA) stats showed this was the first drop in rents on records held since March 2002.
“Three bedroom houses were flat with no change on the March quarter median of $370 per week. There’s still been a small increase on most rents from a year ago but it’s a bit of a breather for tenants at the moment”, Mr Honeycombe said.
“Normally if you see prices drop you’d expect supply must have gone up. That’s not the case here – Brisbane added just 275 homes to its rental pool in the June quarter, now at 122,094 homes.”
“This drop is all about caution from landlords.”
Tags: Brisbane rents, property vacancy Brisbane, Residential Tenancies Authority
Posted in Brisbane landlords, Brisbane's rental market | No Comments »
