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Queensland’s sunlit capital, Brisbane, is the fourth most affordable city in the country. Shifting from a country town vibe to an upbeat lifestyle, this city now consists of multicultural folks.
Although previously the residents preferred the suburban areas, the inner city grew in popularity over time. But the Brisbane rental market trends were vulnerable to COVID-19 restrictions, especially for properties in the inner city. As international migration dropped and remote working took over, rental property demands in the outer city regions grew.
However, current vacancy rates are close to the figures before the onset of the pandemic.
Gold Coast areas show a stable rental market for houses with a 1.2% growth in the median weekly rent to $420.
Meanwhile, the Sunshine Coast also enjoyed a rise in house and unit rents to $510 and $420 respectively. It’s true that WFH and lifestyle changes have played a massive role in raising the demand for Coastal South-East Queensland.
What is the average rent in Brisbane?
The average Brisbane rent per week is $415 for houses and $395 for units, according to a Domain rental report (September 2020).
This is a 3.8% increase for houses and a 3.9% increase for units since the previous quarter.
Average rent in Brisbane over the past 5 years
According to a 2016 Propertyology report, Brisbane attracted a lot of interstate immigration. However, this led to more property purchases, and not necessarily greater demand for rentals.
The outcome? Brisbane experienced low levels of rental growth in 2017. Higher investor activity was another main cause for such a lower rental cost in Brisbane.
In 2019, the rental market was back strong in Brisbane. The average rent in Brisbane increased by 11% for houses and 23% for units over the past 5 years, according to a Domain property report.
The rental market trends leaned towards newly built, furnished dwellings. Even more points if the property was located close to amenities and exciting sections of the city. This was how the rental market looked like until the pandemic shuffled it.
However, property prices in Brisbane grew by 4.5% within the year with a 0.8% growth since the past month alone (PropertyUpdate). This means a possibility of higher average rent in Brisbane as Australia’s property prices and rental prices have most often moved in the same direction in the past.
Median rent in Brisbane for houses from the past 5 years (2016-2020):
House rental prices peaked in 2019 after a slump in 2017 until the pandemic seeped through the country early this year.
- Brisbane median weekly house rent 2020: $400
- Brisbane median weekly house rent 2019: $400
- Brisbane median weekly house rent 2018: $395
- Brisbane median weekly house rent 2017: $380
- Brisbane median weekly house rent 2016: $380
Median rent in Brisbane for units from the past 5 years (2016-2020):
The unit rental prices have fallen because of lower demand for inner city apartments as travel restrictions were put into place.
- Brisbane median weekly unit rent 2020: $425
- Brisbane median weekly unit rent 2019: $430
- Brisbane median weekly unit rent 2018: $420
- Brisbane median weekly unit rent 2017: $400
- Brisbane median weekly unit rent 2016: $420
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Top 10 growth suburbs in Brisbane
Compound Growth Rate
Top 10 suburbs with highest weekly rent in Brisbane
Ascot shows the highest median weekly rent at $785 while Hamilton has the lowest median weekly rent at $290.
Median Weekly Rent
Compound Growth Rate
Future projections for average rental price in Brisbane
According to PropertyUpdate, the next two years’ predictions for the property market is looking great. The 2020 annual property price growth was 4.51% and they're expected to more than double in 2021.
Between 2022 and 2023, property prices could increase by a further 20%
Unlike the other years, in which demand generally slumps during the last two months of the year, things have been a little different in 2020. Demand has picked up, which is only expected to persist into 2021 according to the REA Insights Weekly Rental Demand Report.
It's going to be interesting to observe how the rental market actually fares with leases coming to an end and given that no foreign students are expected to turn up anytime soon.
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