Brisbane rental market recap for May 2021
The rental market in Brisbane has been going through an interesting time in recent months. With an influx of interstate movers and Australians returning home, the property market has gone into a bit of a spin. Which, depending on who you are could be good or bad. For property owners, this is great. Average rents are up significantly, along with housing prices, while time on market is very low at the moment.
With a lot of competition for properties, here is a snapshot of how the rental market was traveling in May 2021.
Median rents
Despite apartments struggling in other states due to a lack of international students and migration, Brisbane is seeing continued growth. Low supply levels, meeting up with high demand is seeing a median increase from April 2021 of 2.5% to $410 per week. This bucks the national trend of 0% growth and puts Brisbane right on the national median of $410 per week.
Housing has also continued to see tightening supply and increasing demand. April saw an increase of 1.3% over the previous month, following the growth trend. While this month does buck the trend, seeing a 1% decrease to $470 per week, it does not mean the trend is over.
Price per room
Price per room in Brisbane has seen no change for houses from May 2020. The cost has stuck at $150 per week. Similarly, Apartments have seen a decrease from May 2020 by 2.2% down to $225. With students preferring share accommodation, the lack of international students has contributed to the slowdown of the share house market.
Time on market
Where the real effects of the tightening supply can be seen is in average time on market. Compared with the previous year, both apartments and houses are seeing a massive change in time on market. As well as this, as conditions are tightening, there are significant decreases in the time on market from April 2021.
Apartments have seen a year-on-year time on market decrease of 26%. This is 5% faster than April 2021 at 21 days on market. Houses are going 42% faster than May 2020, and 6% faster than April 2021. This puts houses at an average of 15 days on the market.
All of this accounts to a boost Brisbane has not seen for a long time. These time on market decreases buck the trends of the other east coast state capitals, which saw far more modest decreases. An exception nationwide is Darwin, who saw massive decreases in time on market across the board, far eclipsing Brisbane’s changes.
Conclusion
Brisbane is seeing a resurgence in the rental market. As the city becomes an increasingly enticing and interesting place to live, it attracts more people. Combine this with lockdown restrictions in Sydney and Melbourne versus Brisbane’s small, infrequent lockdowns, making it even more enticing to live in, we are seeing high rates of interstate migration. Overall this is contributing to a boost in the property and rental market that Brisbane has not seen in a long time. Bringing in greater levels of investment into the city, helping Brisbane grow and develop further.
If you are looking to maximise your return on investment from your rental property, reach out to Link Living.
