West End Property Management Autumn Market Update
West End rental market strong pre-COVID19
The March quarter was one of the most positive for some years for local landlords, with the official stats showing a new record median rent was achieved in this part of Brisbane ($540/week for a 2 bed apartment) with only a small increase in supply. The 4101 rental pool grew just 2% in the past year and this “flattening of the 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 (South Bank apartments 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 West End property managers logging 138 new enquiries in the past 7 days alone.
Note: RTA stats quoted here cover all of postcode 4101 including South Brisbane and West End.