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.