Useful Facts Without Opinions: Brisbane’s rental market
Brisbane’s supply of rental homes showed no growth in the latest stats for the March quarter. The Residential Tenancies Authority report on all rental bonds they hold and this data shows a clear change in supply trends of the past few years.
(Note – the impact of COVID-19 was scarcely felt in the market by the end of March. Our property managers’ experience over the past 3 weeks shows we’re likely to see changes to the data reported here.)
- Brisbane City Council area actually recorded a decrease of 227 rental homes for the first 3 months of this year, marking a big turnaround from 2016-2017 when we regularly saw 2,000+ homes added each quarter.
- The inner-city has been the focus of much of the recent growth but it grew by just 269 homes in the March quarter, marking just a 3% rise for the past year.
- Former hotspots have well and truly cooled: postcodes 4006 Newstead/Valley/Bowen Hills added 28 more rental properties and 4101 South Bris/Highgate Hill/West End had an increase of 204 properties this quarter.
- Brisbane’s inner-city rents have hit another record median high of $510 per week. There’s been a small but steady rise in rents as the city finally absorbed the large supply of new dwellings.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment was also at record highs, up $20 to $440.
- 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 up $5 to $450 per week.
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