Spring Hill Property Management: Summer Market Update
Students start arriving as borders open
The end of 2021 saw median rents flatline across inner-Brisbane and, while well up on a year ago, the last quarter saw no increase in this neighbourhood. The border closure locked out interstate and overseas tenants, who’ve since returned in big numbers. Our leasing team had 968 new tenant enquiries in December and then a huge 1,644 in January. This recent surge in activity has included international students for the first time in two years.
The graph charting our total current number of bonds tells a story of a postcode where supply is simply not keeping up with demand. There’s been very few rental homes added to the 4000 rental pool in the past couple of years, and we don’t see any new CBD/Spring Hill projects nearing completion anytime soon. Strong rent rises are expected throughout 2022.
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Note: RTA stats quoted here cover all of postcode 4000 including Brisbane CBD.