Brisbane Rental Prices Lift For The First Time In Three Years
09th Jan 2019
Brisbane asking rents have lifted for the first time in nearly three years, potentially signalling the end of what has been a tenants’ market.
The median asking rent for houses has increased from $400 a week to $410 in the December quarter, up 2.5 per cent quarter-on-quarter and the same amount year-on-year, according to the latest Domain Rental Report.
“The Brisbane market is slowly turning to favour landlords as underlying demand begins to absorb advertised rental supply,” Domain senior research analyst Nicola Powell said.
“Available rental stock has been sliding since the end of 2017, and is now at a three-and-a-half year low.”
Asking unit rents are now sitting at $380 a week, a $10 per week lift since this time last year. The apartment market has been considered weak for years due to a period of frenzied construction.
Dr Powell said the next quarter may see conditions continue to improve for landlords.
“If this continues, greater competition between tenants will emerge, putting further upward pressure on rental prices – a marked change given the prolonged period of stability,” she said.
Property managers were already preparing for a big January, which they hope will help boost rental prices for the rest of year.