Brisbane clocked up 0.3 per cent growth in rental prices in January, compared to 0.7 per cent growth in Sydney, Canberra and Hobart which tied for first place in the rental growth race.
While tenants will be happy with Brissie’s slow rental growth, landlords will be smiling too. It’s the highest monthly growth result for Brisbane in year, reports CoreLogic.
“It is clear that the rental market is starting to gain momentum again as the investment properties from the previous upswing are absorbed, and new development levels have moderated,” said CoreLogic’s head of residential research Eliza Owen.
Landlords will be pleased to hear that rental yields in Brisbane remain healthy too, sitting at 4.49 per cent, which is just slightly down from 4.51 per cent last year.
This places Brisbane’s yield well above the national average of 3.79 per cent. While our median weekly rent of $440 is bang on the national average.
That’s a pretty good balancing act Brissie landlords and tenants have managed to strike.
Spare a thought however for Hobart which remains in a rental crisis.
“Hobart presents a continued crisis in the rental market, with the strongest growth in rents, a tight level of vacancy, and a growing short term rental accommodation market crowding out long-term tenants.”
Tenants are also hurting in Sydney where median rents are a whopping $574 per week, and landlords are increasingly dipping into their pockets with the current rental yield of 3.01 per cent down from 3.38 per cent a year ago.
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