Brisbane rental stock at a three year low: Domain

Brisbane rental stock at a three year low: Domain
Brisbane rental stock at a three year low: Domain

Available Brisbane rental stock has been sliding since the end of 2017, and is now at a three and a half year low, according to the latest research from Domain.

House rents increased 2.5 per cent over the quarter and year to $410 per week, while rental yields declined 0.3 per cent over the quarter but increased 1 per cent over the year to 4.62 per cent. 

Brisbane unit rents increased 1.3 per cent over the quarter and 2.7 per cent over the year to $380 per week.

However, rental yields declined 0.2 per cent over the quarter but improved 3.7 per cent over the year to 5.12 per cent.

Brisbane rental stock at a three year low: Domain

“If rental stock keeps shrinking, greater competition between tenants will emerge, putting further upward pressure on rental prices, a marked change given the prolonged period of stability," Domain research analyst, Dr Nicola Powell said.

"House and unit rents are already displaying a higher pace of growth relative to last year, with houses recording the first positive movement and units the strongest gain on an annual basis in roughly three years.”

“Population growth in the sunshine state has been driven in fairly equal measure by natural increases, interstate migration and overseas migration. Queensland is the only state or territory to have such balance, which has helped to support a broad-based demand for housing. Job prospects, an improving economy and greater housing affordability continues to lure residents from NSW and Victoria.”

“Given property prices have fallen in Sydney and Melbourne, investors have already started to find Brisbane a more attractive option as they seek better yields and growth potential. Investors will be further enticed north as rental prices and gross yields continue to improve,” she concluded.

Brisbane rental stock at a three year low: Domain

Tags: 
Brisbane Rental market

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