Gabba and Dutton Park rents down for apartments, up for houses
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 tenants now have more properties to choose from largely due to investors returning to the sales market. So it’s no surprise rents dropped $30 in the March 2010 quarter, with median rent for a 2 bedroom apartment now $370.
The new buildings added to the area in recent years did skew the stats with their higher rents but overall landlords can have some comfort that we’ve endured tenant job losses and the First Home grant and rents should climb again. This is already the case for house owners – their rent actually rose $55 this past quarter – now $435 for a 3 bed.
While the new developments of 2003 to 2006 did boost supply enormously the number of rental homes on offer to tenants is still not growing at the rate needed. There’s only 1,343 rentals in the area and Brisbane’s strong population growth (more than 52,000 last financial year) means we’ll need new apartments soon if we’re to meet that demand.
Note: RTA stats quoted here cover all of postcode 4102 including Dutton Park and Woolloongabba.