Useful Facts Without Opinions: Brisbane’s rental market
Brisbane’s rental market finally stabilised in the December quarter and (almost fully) put Coronavirus behind it. New bond lodgement data from the Residential Tenancies Authority shows demand caught up to supply in almost every suburb.
- Brisbane’s inner-city rents ended consecutive quarters of declines and remained flat at a median of $470 per week. That was $40 down on the March 2020 peak.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment was also flat at $425 per week, also down on its March peak, but actually up $15 on the same time a year earlier.
- 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 up across the city and inner suburbs.
- The CBD and Spring Hill experienced the biggest drops during COVID (to be down 16% year on year) but have now flattened as demand and supply return to balance.
- Postcode 4006 (Fortitude Valley/Newstead/Bowen Hills) was the only inner city patch to see a rent drop during the December quarter, now down a further $10 to $460/week.
Our leasing team have started 2021 with very strong tenant enquiry and there’s plenty of on-ground evidence Brisbane will see rent rises in this quarter.
Please share your comments on Brisbane’s rental market!