Spring Hill Property Management: Summer Market Update
COVID impact lessens as tenant demand returns
Our leasing team are flat out at the moment, as tenant enquiry runs at near double the levels we saw through 2020. Despite the continued absence of international students and travellers, Spring Hill and the CBD are meeting renewed housing demand.
The latest stats show the year finished with median rents flat with a local 2 bed apartment $460/week, well down on the December 2019 peak of $550.
Our vacancies rose above 4% during the worst of COVID but that’s now just a nudge above 1.5%. So with demand ramping up through this first part of the year it looks inevitable we’ll have rent rises through 2021 and especially with the easing of border restrictions.
Note: RTA stats quoted here cover all of postcode 4000 including Brisbane CBD.