Data shows Qld’s rental squeeze and population surge collide
New data shows the number of Brisbane homes for rent shrank by 17.8 per cent last year, with fresh analysis finding some areas absorbed as much as 14,000 new residents during the pandemic.
The latest PropTrack Rental Report, out Thursday, found the rental crisis worsening as limited supply and strong demand continued to push rental prices higher in Brisbane.
It found the total number of Brisbane properties listed for rent on realestate.com.au fell by 17.8 per cent in the past year – at a time when demand rose by 11.5 per cent.
Combined, those two factors drove up rental prices by 11.4 per cent year-on-year in Brisbane, PropTrack economic research director Cameron Kusher found, with regional Qld seeing some easing though rents still grew 7.8 per cent there.
“With low volumes of stock available for rent at a time when demand for rentals is strong and is likely to increase further, we expect the market to remain extremely challenging for renters,” he said.
Pictured above: Oaky Bay Apartments, Coomera
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Quarterly data showed median weekly advertised rents flatlined in Brisbane over the three months to December, and fell by 1 per cent in Qld regions, “something to monitor over the coming months”. Source: realestate.com.au