Spring Hill Property Management: Spring Market Update
Continuing border closure forces rents lower
Just when local landlords thought things couldn’t get worse…. The latest quarter saw median rents drop again, now to levels last seen in 2007 with a 2 bed apartment now $460/week. Until the borders open fully to business travel from Sydney and Melbourne, and we see the return of international students, it’s hard to see rents recovering to any extent.
Recent reports suggest 8% of CBD apartments remain vacant and Spring Hill’s dragged down by this oversupply. In a glimmer of hope – surrounding suburbs are witnessing improving conditions and tenant enquiry to our office is strong. Landlords with furnished apartments are often being encouraged to consider removing it, improving their appeal to a broader, long-stay market.
Note: RTA stats quoted here cover all of postcode 4000 including Brisbane CBD.