“Brisbane has recorded its eighth quarter in a row of rising house rents,and the steepest annual lift in the city’s history,” said Domain’s chief of economics and research,Dr Nicola Powell.
“What we’ve got is a very low vacancy rate,at 0.6 per cent,so it’s very much a landlords’ market,and it has created competitiveness with tenants.
“[The number of] renters per listing has also hit a historic level in the June quarter – 77 per cent higher than the five-year average.”
Powell said purchase prices were rising in Brisbane as demand for rentals intensifies with the return of international students.
“The biggest boost though has been interstate migration,with the latest population statistics showing Queensland has had the strongest population growth in Australia,which is adding pressure to the rental market,” she said.
Amid a debate over the lack of social housing,Powell said affordability constraints were pushing people to rent apartments over houses.