The graph of bond numbers tells a clear story – the local rental pool has grown a further 8% this past 12 months. This included a big boost from the last stages of “Skytower”, an 1100+ apartment building in the CBD. Although the overall increase in supply is far slower than during the 2016-2017 boom, this stock does still take some absorbing by tenant demand.
So, perhaps surprisingly, the June quarter saw median rents push up another $15 per week. While still well below the local peak of $600 in 2012, tenant interest is strong 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 4000 including Brisbane CBD.