Brisbane Rental Market Update – April 2019
The latest Australian rental market snapshot for April 2019 has been released. It provides some great insight into the shifts seen across the Brisbane rental market, with house and apartment prices, rental affordability, and days on the market.
Overall Brisbane saw a decrease in the median rent for houses across April 2019. This coincided with a national decrease in house medium rents by 1.1% to $440/week. Brisbane had a slightly higher decrease of 1.2% to $420/week across April 2019.
Median rent (apartments v houses) and price per room
|Apartments||% Change||Houses||% Change||Price Per Room||% Change|
The median rents for apartments across Brisbane have been relatively stable thanks to the ongoing slow correction of the oversupply that occurred in years prior. While this month saw a slight decline in median rent for houses, however, in terms of a yearly change there has been a 5% increase in price per room from April 2018 (see the table below). Apartments have also seen a yearly rise of 3.10% in price per room since April 2018, bringing them up to a median rent of $225.
Price per room in Apartments v Houses
|Apartments||% Change from April 2018||Houses||% Change from April 2018|
Days on Market
On a month to month comparison Brisbane’s apartments and houses are each seeing an increase in time on the market. For apartments they are now on the market for 22 days which is 4% slower than March 2019. Houses are on the market for 21 days which is 1% slower than March 2018. This slight change could simply be because of the extended holiday period across April. RENT CEO Greg Bader said that these trends were in line with April 2018 which saw a similar dip. “What we can see happening in April 2019 isn’t unlike what we saw in April 2018 and the number of properties leased on site have dropped, something we could put down to the extended period that took in Easter, school holidays and ANZAC Day,” he said.
|Apartment days on market||% change from March 2019||% change from April 2018||Houses days on market||% change from March 2019||% change from April 2018|
|Brisbane||22 days||4% slower||21% faster||21 days||1% slower||22% faster|
In terms of a yearly increase, Brisbane is seeing a largely shorter time on the market compared with April 2018 for both houses and apartments. This will be good news for property investors who are looking to put their property on the rental market.
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Data retrieved from rent.com.au