Useful Facts Without Opinions: Brisbane’s rental market
While most of Brisbane’s rental market has shrugged off Coronavirus and its impacts, the latest data shows the inner-city is still working through the challenges. New bond lodgement data from the Residential Tenancies Authority shows continued drops in median rents across many inner suburbs over the September quarter.
- Brisbane’s inner-city rents dipped a further 2% (now down 6% year on year) to a median of $470 per week.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment rose slightly to $425 per week, up $10 on 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 also up slightly across the city and flat in our inner suburbs.
- The CBD and Spring Hill continue to be our worst impacted postcode with rents falling 16% over the past year. Continued closure of the borders has killed demand for short stay (corporate and tourist) apartments.
- St Lucia is the other notable victim of COVID-19: Its median rents dropped 8% in the September quarter alone, impacted by the loss of students at the huge University of Queensland campus.
Please share your comments on Brisbane’s rental market!
What do you think?
Share our comments here and let us know