Supply eased and rents rose. Then the market 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 again rose in postcode 4066 while the rental pool actually shrank this quarter. 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 and are now offering them for longer tenancies. The combination of falling demand and rising supply has led to an inevitable drop in rents over the past few weeks.
The positive for landlords? We’re still receiving busy tenant interest in vacant homes with our Toowong and Auchenflower property manager’s logging 138 new enquiries in the past 7 days alone.
Note: RTA stats quoted here cover all of postcode 4066