Brisbane vacancy rates have continued to fall in the March 2019 quarter and rents have started to rise. So, what can you expect to pay when looking for your ideal rental property in Brisbane?
Data recently released by the Real Estate Institute of Queensland has recorded a further fall in the Brisbane Inner City vacancy rate to 2.1% in the March 2019 quarter. As anticipated in our November Brisbane Rental Market Blog article, weekly rents did rise slightly in the January to March 2019 quarter (despite less properties being rented overall than in same quarter last year). The continued rise would seem to indicate that Brisbane may be entering a rental growth stage.
According to recently released official quarterly bond figures from the Queensland Residential Tenancy Authority (RTA), the median 2 bedroom inner city unit weekly rental has risen $10pw ($480pw to $490pw) in the last 12 months. The broader Brisbane 2 bedroom unit market has also seen a rise of $10pw from $420pw to $430pw in the last 12 months. Two bedroom rental statistics being significant as they represent over 50% of the entire Brisbane unit rental market.
The housing market has also experienced an increase in rents with the median weekly rental for 3 bedroom houses rising $10pw from $440 to $450pw in the last 12 months. Three bedroom townhouse median rentals also increased $5pw from $420 to $425pw in then last year. Our experience in the first quarter of 2019 was that well located, neatly presented and reasonably priced properties in mid-range price brackets were renting out very quickly, often after only one two inspections and with multiple applicants. It is therefore critical to have rental applications completed, all identification and background documentation prepared and to submit the application as quickly as possible in order to maximise the chances of success when applying for a popular rental property.
So what can you currently expect to pay per week for a rental property in some popular suburbs close to the Brisbane CBD? This will of course, depend on the exact age, size, location, style of property and other features such as e.g. pool, views, new build and so forth. There is no 'one size fits all' in the rental market. However, some indication of possible rental prices, based on some of our recent home searches, are listed below.
One bedroom fully furnished unit, modern and renovated - Spring Hill, Fortitude Valley, CBD - $430-500pw
Two bedroom unfurnished unit, modern and renovated - Newstead and Teneriffe - $540-$600pw
Three bedroom unfurnished townhouse, modern and renovated - Windsor - $550-$630pw
Four bedroom family home, modern and renovated - Paddington - $950-$1,400pw
Three bedroom, partly renovated home - Hendra / Newmarket - $550-$630pw
Contact Habitat Relocations today to help you with your move to Brisbane and find your new place to call home.