Useful Facts Without Opinions: Brisbane’s rental market
Brisbane’s rental market saw a significant shift during the June quarter as COVID-19 made its impact. New bond lodgement data from the Residential Tenancies Authority shows noticeable drops in median rents across many suburbs.
- Brisbane’s inner-city rents dropped 6% ($20) to a median of $480 per week. Most inner suburbs now have similar rents to their 2018 levels, erasing the gains we’d seen since the absorption of the earlier oversupply.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment was also down 6% to $415 per week in the June 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 down $20 to $430 per week.
- Inner-Brisbane suburbs actually recorded a decrease of 431 rental homes during April to June at the height of Coronavirus. Vacant properties (and there have been a lot of them in recent weeks) don’t have a bond held so are not included in the counted dwellings.
- The CBD and Spring Hill were among the worst impacted from rising vacancies. Many city apartment buildings have seen short stay (corporate and tourist) apartments offered to the permanent market and this increased supply has met weaker demand.
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