‘Cautious optimism’ for local landlords
It’s not yet time for any celebration, but with the worst of 2020’s impact on our rental market appearing to be behind us, there is some cautious optimism. Local median rents rose to $418/week this past quarter. As the graph shows it’s not yet above earlier peaks, but matches the general improvement we’ve seen across inner-Brisbane in recent weeks.
Adjacent suburbs still have their challenges (St Lucia will be pleased to see its international students return!) though overall vacancies now look to have peaked, with the latest REIQ data showing we have less rentals available than 3 months ago. That’s been our team’s experience as well, and with tenant enquiry continuing to be strong there’s growing optimism about the market for 2021.
Note: RTA stats quoted here cover all of postcode 4066