The most recent Protrack Market Insight report, released on Thursday, found that median weekly rental prices in Queensland increased at the fastest rate year-over-year on record in the September quarter, rising a record 14.1% annually, making Brisbane officially the toughest rental market in Australia. After logging the highest annual rise in weekly prices in the nation. Regional Queensland was not far behind. Regional Queensland saw a 12.9% increase in median weekly advertisements over the year to September, reaching a median of $480 PW for all residences, according to Proptrack director Cameron Kusher.
Cameron Kusher said “the result is the strongest annual rate of growth on record and the largest yearly increase in rents of all markets across the country”
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The average overall weekly rent in Brisbane is $485 and housing rents have risen to $525 pw with units at just $430 pw, but given the limited supply of rental housing in South East Queensland, both house rents and units are likely to continue to rise over the coming year. I believe the rental market will get more competitive before improving. The amount of rental properties coming onto the market is quite modest now that international borders are opening and people are returning, according to Mr Kusher, who also warned that rising rents were having a substantial impact on the market in general.
The average rental rise in Queensland over the past year was $44 per week, compared to $38 nationwide, according to spokeswoman Chris Forward.
Chris Forward said, “it's incredibly tough for all Australians but especially Queenslanders because of the influx we've had from the covid lockdown period whereby Sydney/Melbourne siders migrated to QLD and this increased competition in the rental market is hurting a lot of Queenslanders. Unfortunately, it looks like it will only get worse as we see the landlords passing on increases they've had” or in other words putting the rent up as they should.
According to the Proptrack statistics, home rents in Brisbane increased by 16.7% over the previous year, compared to 7.5% for apartments. Three-bedroom houses had an increase of 15.1%, and four-bedroom houses saw an increase of 15.8% in the year to September. I do see the market for homes lessening a little bit and demand for units ramping up given the gap between them is almost $100, said Mr Kusher, adding that the difference between houses and units rent was $95 in Brisbane and now a figure that's almost double the national gap.
We as an organisation believe that there is a huge gap between houses and units/townhouses and therefore opportunity in the unit and townhouse market, to obtain firstly great rents, and secondly greater capital growth and at the very lowest risk level.
