Opened borders drive new tenant demand as supply flatlines
The end of 2021 saw median rents flatline across much of inner-Brisbane, but they continued to rise in this neighbourhood. A local 2 bed apartment is now back to the peak of $450/week we first reached in 2017. Last year’s 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 shows this postcode has actually lost rental homes in recent years as investors sold up. Without new supply coming online in any quantity, strong rent rises are expected throughout 2022.
Note: RTA stats quoted here cover all of postcode 4066
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