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.
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