Toowong & Auchenflower Rental Update: Summer 2017
Toowong & Auchenflower rental update: Summer 2017
Our office had a record January with 41 new leases signed
It’s been a decade since any notable change in the local rental market but with new projects recently completed in Toowong, no-one’s surprised to see 2016’s been a big year for new supply. The local rental pool grew by a very substantial 5%! We now have over 4,000 rental homes in the 4066 postcode for the first time. The reported median rents show an increase to $420pw and while there’s some comfort for landlords that demand may be keeping up with supply, these new apartments usually have high rents. So there’s some ‘upwards distortion’ in the stats and our on the ground experience tells us local rents are often lower.
Our office had a record January with 41 new leases signed, and our property managers are witnessing first-hand the considerable interest from middle and outer ring Brisbane tenants moving in to be a part of the inner-city lifestyle. Demand is growing at a rapid pace but there is still significant supply to come online in these and surrounding suburbs with new apartment projects under construction. So we’ll need that high demand to grow a little further yet!
Note: RTA stats quoted here cover all of postcode 4066 including Toowong, Auchenflower andMt Coot-tha
For more information on our services or a property appraisal, please contact our Property Management Team on 07 3214 6899.
Continue reading about Toowong and Auchenflower’s Sales Update – Summer 2017 on our blog.