4101 rental market updates: Supply still grows
The recent completion of a 600 apartment development in South Brisbane has further added to our local supply of rental homes, although many of these are expected to be offered to the short stay/tourism market. The past year saw yet another 985 dwellings added to 4101’s permanent rental pool and although the pace is far slower, this stock still takes some absorbing by tenant demand.
After a record high of $530/week in the first quarter of 2019, June saw median rents dip back $10. Tenant interest remains very strong however and our property managers had 1,015 new enquiries into our office in the month of July alone. We also secured rent increases on more than half of the leases offered to our renewing tenants, further confirming a slow but positive trend for landlords.
Note: RTA stats quoted here cover all of postcode 4101 including Highgate Hill, South Brisbane and West End