Queensland Rental Market Hits New Heights
With the property market experiencing an all-time high demand and Queensland being a top destination for interstate migration, rents are on the rise. The first quarter of 2021 has demonstrated new records as Queensland hit the highest level of interstate residents moving to the sunshine state since 2006.
As the pool of available rentals has decreased by one-third from last year, tenants have less choice, pushing Brisbane vacancy rates to a multi-year low. This prompted house and unit rents to increase across the Greater Brisbane region, with the highest asking rent for houses recorded in Brisbane North (up 6.8 per cent) and Moreton Bay North (up 6.7 per cent). This takes the average weekly house rent up by $15 in the past quarter to $440. This means it is now more expensive to rent a house in Brisbane than in Melbourne. With the pandemic prompting remote working, the temporary relocation to other states and regional areas is on the rise, which contributed to the increase in demand for rental property.
As the majority of people dream of the beach lifestyle, properties on the Gold Coast and Sunshine Coast continue to outperform Brisbane, pushing their rental prices to record heights. Sunshine Coast house rents have surged $80 year-on-year to $580pw and $50 on the Gold Coast to $560pw. When it comes to units, rents on the Gold Coast have increased by $25 to $465pw and on the Sunshine Coast by $40 to $460pw.
Whether you're a landlord or a tenant, it is an important piece of news for you to keep in mind. If you have any questions, get in touch with your property manager.