Useful Facts Without Opinions: inner Brisbane rents up 6% in a year
Despite a notable lag in demand from the state border closures, inner Brisbane rents have lifted 6% in the past 12 months. This week’s data from the Residential Tenancies Authority shows some strong results for many postcodes.
- Inner-city Brisbane rents rose to a median weekly rent of $500. This market peaked at $510 in 2019 so we haven’t yet recovered all of COVID’s impact.
- Across the broader Brisbane City Council area median weekly rent for a 2 bed apartment is now at a new high of $450 per week, up $35 on the middle of last year.
- Suburbs like South Brisbane/West End (the 4101 postcode) and New Farm (4005) have led the recovery of Brisbane rents, with increases for the past year of 10% and 9% respectively. These are now record high rents for both areas.
- The CBD and Spring Hill flatlined this past quarter as the continuing lack of international students has softened demand.
- We track 2 bed apartments as our ‘headline’ stats due to their dominance in the rental market: but for comparison inner Brisbane’s 3 bed median house rents were also up 9% this past year, now at $600/week.
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