Milton Property Management Autumn Market Update
2020 kicked off with rent rises. Then things changed!
The March quarter was one of the most positive for some years for inner-Brisbane landlords, with the official stats showing a new record median rent was achieved ($510/week for a 2 bed apartment). Rents rose in postcode 4064 while the rental pool grew just 1% in the past year. This “flattening of the (supply) curve” was very welcome news for patient property investors!
April’s events however have had an immediate impact, with tenants being stood down from their work as well as downsizing and consolidating back with families. This resulting weakness in demand has met rising supply – many landlords have moved their properties from the mostly empty short stay market (apartments near Milton rail station are a common example) and are now offering them for longer tenancies. The combination of falling demand and rising supply has led to an inevitable drop in rents.
The positive for landlords? We’re still receiving busy tenant interest in vacant homes with our Milton property managers logging 138 new enquiries in the past 7 days alone.
Note: RTA stats quoted here cover all of postcode 4064 including Paddington and Rosalie.