Brisbane Rental Market Update May 2019
With the release of the May 2019 rental snapshots across the country, there is a lot of positive news for Brisbane. Increases across median rent, price per room, and price trends shine a positive light on property investments in Brisbane. The recent trends highlight Brisbane’s current rental stability and present a correction on last month’s slight downturn.
May 2019 saw a relatively flat median rent across the big 4 capital cities, Sydney, Melbourne, Brisbane and Perth. Brisbane, however, saw the largest growth amongst the 4 with median apartment rent rising 1.30% to $395 per week and houses rose 1.20% to $425 per week. When compared to market performance in April 2019 you can see a slight correction to April’s 1.20% downturn in median pricing across the board.
Price Per Room
The price per room in Brisbane has seen an average year over year growth of 2.20% to $230 for apartments and 3.10% growth to $137 for houses. This, however, is contrasted by monthly stagnation with the average price per room seeing no change from April 2019. Similar change was seen in April 2019 within year over year growth, showing that, overall, Brisbane’s rental prices are, currently, relatively stable.
Time on market
Brisbane saw an increase overall in the average time a property is on the market. Apartments saw a slowdown of 2% to 22 days from April 2019, while houses saw a slowdown of 13% to 24 days. When compared to a year over year basis the time on market figures offer a positive perspective. Overall time on market has decreased when compared with May 2018 with apartments seeing a 17% decrease and houses seeing a 4.9% decrease.
This month has seen a positive overall turn for investors with the year over year growth observed in April 2019 continuing. Median rents, having seen stability continuing into this quarter from Q1 2019, are showing that a pricing correction on the previous apartment oversupply across the city has been completed, with supply and demand finally reaching an equilibrium. If the trends continue in this direction, this stability could be seen across both Q1 and Q2 of 2019.