Brisbane is more expensive than Melbourne,Adelaide and Perth for house rents.Credit:Tammy Law
Dr Powell said all regions across Greater Brisbane climbed to record high house and unit rents over the December quarter,with a record rent price gap also clocked between house and unit asking prices.
“Families in their prime working years are the biggest demographic in terms of positive net influx into Brisbane and they want a family home,” she said.
“But I think this report really shows that Brisbane is in the spotlight. It’s got the highest rate of growth compared to any capital and it just pips Canberra. When you look at the other growth cycles like Perth,they’ve come off their peak.”
The report further revealed that house rents in the Queensland capital’s inner-city east region are now the most expensive,after prices climbed 3.2 per cent to $640 per week.
Houses featuring a pool and a big backyard with space to work at home are particularly hot property,Place Estate Agents Bulimba joint managing director Paul Curtain said,with tight vacancy rates pushing prices up by as much as 10 per cent in the past three months.
“At this time of year,you usually have tenants moving out leading up to Christmas,so maybe per 500 properties you’d have two or three per cent available for re-let but that’s now basically zero,” Mr Curtain said.
“So there’s the domino effect … but also there’s the need for people to have accommodation that has greater flexibility than normal … somewhere they can work,live and entertain from.
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“And with the explosion of the current COVID variant,we’ve seen even greater numbers of inspections for both sales and rentals[for spacious family homes].”
Despite the pandemic sparking a lifestyle shift towards bigger homes with a backyard,Domain data released last week showed Brisbane’s inner-city region claimed the nation’s largest monthly decline in vacancy rates over December.
“For inner-city apartments it’s been a much better last three months. Vacancy rates have come down and rents have risen and we’re starting to see more investors come into the market place,” Ray White Inner City Brisbane principal Dean Yesberg said.
“There are a lot of Sydney investors and a lot of people from the Sunshine Coast. Their property prices have increased dramatically,so they are looking to invest here.
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“The fact that development has been put on hold means I think we’re going to definitely see a supply issue and a shortage of new properties being built which will increase if we get international students back in soon.”
The Domain December Rental Report revealed houses in Greater Brisbane’s Moreton Bay North region collected the largest quarterly rent rise of 12.5 per cent (or $50) to $450 per week.
At the other end of the spectrum,units in Logan’s Springwood/Kingston region topped the list for affordability,after prices remained stagnant at $285 over the quarter.