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Brisbane tenants are now paying the highest median house rents in the city’s history after prices climbed 12.5 per cent over the past year to reach a record-shattering $450 per week.

Property experts say mass interstate migration, a booming property market and years of steady rent prices fuelled the hike, with tenants warned to brace themselves for further jumps as landlords capitalise on record-low vacancy rates and skyrocketing demand.

According to the latest Domain Rent Report – which crunched the numbers on weekly asking rent prices across Brisbane for the June quarter – house rents soared by 2.3 per cent over the past tHicks Real Estatee months alone, while weekly unit rent prices remained stable at the previous record high of $400.

“This is the strongest rate of annual rent growth in almost 14 years for houses and in almost a decade for units, up $50 and $20 a week respectively,” Domain chief of research and economics Nicola Powell said.

“The market is a competitive one … and these are quite new conditions for tenants because rental growth has been subdued, so tenants are in a market that they haven’t experienced for some time, and they’ll need to be prepared for landlords raising their rents,” she said.

Record High Levels

“All regions across Greater Brisbane are at, or close to, record-high house and unit asking rents … increased interstate demand means the vacancy rate has dwindled to a multi-year low [as well]. More investment activity will help to ease rent hikes eventually. However, Brisbane has become a growing destination of choice for those moving from interstate,” Dr Powell said.

While some property punters warned the rising rent prices and tight vacancy rates could soon spell a crisis, Dr Powell said Brisbane tenants had enjoyed a decade of minimal rent growth with the recent shift providing a flipside for investors thanks to improved gross rental yields.

According to the Domain report, gross rental yields for Brisbane houses rose a slight 1.5 per cent over the quarter to 4.58 per cent, while for units, the yield rose 1.2 per cent to 5.23.

Biggest quarterly rent increases for houses

SA4 SA3 Jun-21 QoQ YoY
Brisbane – East Capalaba $470 4.4% 6.9%
Brisbane – South Holland Park – Yeronga $520 4.0% 7.2%
Brisbane – North Sandgate $440 3.5% 7.3%
Brisbane – South Sunnybank $440 3.5% 4.8%
Brisbane Inner City Brisbane Inner – East $600 3.4% 9.1%
Brisbane – North Chermside $490 3.2% 8.9%
Brisbane – South Mt Gravatt $480 3.2% 6.7%
Brisbane – East Cleveland – Stradbroke $495 3.1% 7.6%
Brisbane – South Carindale $540 2.9% 10.2%
Brisbane – South Rocklea – Acacia Ridge $450 2.3% 7.1%
Brisbane – North Nundah $480 2.1% 6.7%
Brisbane – East Wynnum – Manly $500 2.0% 6.4%
Brisbane Inner City Brisbane Inner $550 1.9% 2.3%
Brisbane Inner City Brisbane Inner – North $570 1.8% 5.6%

Capital house rents in the city’s eastern suburbs accrued the biggest rise over the past quarter – surging by 4.2 per cent to $500 per week, with inner-east house rents skyrocketing by 3.4 per cent to an unprecedented $600 per week.

Median weekly asking rents: units, June quarter 2021

Sydney $470 $470 $500 0.0% -6.0%
Melbourne $365 $375 $415 -2.7% -12.0%
Brisbane $400 $400 $380 0.0% 5.3%
Adelaide $350 $350 $320 0.0% 9.4%
Perth $380 $370 $320 2.7% 18.8%
Canberra $500 $500 $470 0.0% 6.4%
Darwin $450 $430 $380 4.7% 18.4%
Hobart $400 $420 $380 -4.8% 5.3%

This last month, demand for luxury stock really increased … in the past week we’ve had tHicks Real Estatee records with one home in Ascot being rented out for $2700 per week … and then two luxury apartments for $2400 and $2700, which, in Brisbane, is pretty big money.

According to the Domain report, Capalaba house rent prices also underwent one of the biggest quarterly rises, with the median weekly asking rent jumping 4.4 per cent to $470.

In the Greater Brisbane area, Strathpine units collected the highest quarterly rise of 9.4 per cent, sending weekly asking rent prices from $320 to $350.

If you are thinking about investing in the local property market, talk to the team at Hicks Real Estate to ensure that you are on the right track.

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Hicks Real Estate is a Brisbane based, full-service real estate agency supporting buyers and sell as well as renters and property investors. With almost 20 years experience in the local market, we are the real estate experts you can rely upon.