Useful Facts Without Opinions: Brisbane’s rental market
Brisbane’s supply of rental homes is no longer growing, according to the latest stats for the September quarter. The Residential Tenancies Authority report on all rental bonds they hold and this data shows a clear change in supply trends.
- Brisbane recorded an increase of just 18 rental homes for the quarter, a huge slowdown from recent years.
- It’s been more than 5 years since we had a sub-500 increase in a quarter and in the same period of 2017 we added 3,350 dwellings!
- The inner-city has been the focus of much of the recent growth but it grew by just 300 homes in the September quarter. (Reductions in outer suburbs saw the overall rental pool rise by only 18).
- Former hotspots have well and truly cooled: postcodes 4006 Newstead/Valley/Bowen Hills added 83 more rental properties and 4101 South Bris/Highgate Hill/West End had just a 54 property increase this quarter.
- Brisbane’s inner-city rents have hit a record median high of $500 per week. These suburbs have bumped around the $480 to $495 range for more than 6 years as the city absorbed the large supply of new dwellings.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment was up $10 to $430. This was back to the new record high set in the March quarter.
- We track 2 bed apartments as our ‘headline’ stats due to their dominance in the rental market: but for comparison Brisbane’s 3 bed median house rents were flat at $430.
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