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Rental Market Update July 2023

Brisbane Rental Market

Brisbane’s rental market remains a landlords’ one in 2023 with asking rents at historical highs.

Traditionally in Brisbane, vacancy rates have been tight – hovering well below the level of 2.5% vacancies, which traditionally represents a balanced rental market

But according to data from Dr Andrew Wilson;

  • Brisbane’s house vacancy rate sits at 0.8%
  • Brisbane’s unit vacancy rate sits at 0.5%
  • Brisbane’s house rents increased 20.6% over the last year
  • Brisbane’s unit rents increased 22.7% over the last year

International demand for Brisbane rental properties is strong. Net overseas migration is expected to reach 400,000 this financial year. This is almost 27% above the previous record high recorded in 2008. The majority of overseas migrants typically rent rather than purchase when they first relocate.

According to PropTrack, the top countries for rental searches are New Zealand, the US, the UK, India, China, and Singapore. With the return of Chinese students to Australia, PropTrack data confirm that this has significantly impacted the increase in rental searches.

*Data Sourced: RP Data Core Logic

Brisbane Sales Market

Brisbane’s house prices saw the steepest annual climb in 13 years in 2021, as the city’s property market came to grips with relentless Covid-19-induced demand for property.

This once-in-a-generation property boom resulted in almost 400 suburbs joining the million-dollar club.

And even as growth slowed in other parts of Australia, Brisbane’s housing market continued to perform strongly in the first half of 2022. From mid 2022 Brisbane house prices kept falling but it looks like the Brisbane market has passed the bottom of the downturn. And unlike in Sydney and Melbourne, prices are still far higher across the city than just 12 months ago.

Supply remains the biggest issue across the Brisbane market. CoreLogic confirmed new listings coming to the market are -27.9% lower than 12 months ago. Total Listings in Brisbane are -15.4% lower than this time last year.

Proptrack data said new listings in Marsden in Brisbane’s south were down 64% in May this year compared to the same time last year. Marsden is popular for its secondary school catchment zone.

Other areas such as Yeronga and The Gap also experienced significant declines in year-on-year listings with 59% and 55% fewer properties available for sale respectively.

For other suburbs, there were more options for buyers this time compared to the same time last year. For example, in Ashgrove, in Brisbane’s inner northwest, the year-on-year listings increased by 108%.

Suburbs such as Ascot and Auchenflower showed there were 64% more properties listed for sale than this time last year.

*Data Sourced: RP Data Corelogic

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