Over the three months to September, the median weekly rent for Brisbane houses grew 1.5 per cent to $660 and the median weekly rent for units grew 1.5 per cent to $630 according to Domain data.
This bucks the national trend which has seen rents stabilise after several years of rapid growth.
While the rental market remains tough for tenants, the days of sky-rocketing rents appear to be behind us.
“…these are far more modest increases than the double-digit surges we saw from 2021 to 2023,” reports Property Update.
“It’s becoming clear that Brisbane, too, is approaching its affordability ceiling.”
Vacancy rates however remain low meaning there is a lack of rental properties on the market, which can be tough for renters.
“Vacancy rates remain at an extremely tight 0.7%, ensuring competition for rentals remains fierce,” Property Update says.
These figures paint a healthy picture for prospective investors looking to secure a tenant for their rental property.
For renters, the pain is still real, but stabilising. Tough rental market conditions can propel some tenants into the start of their property ownership journey.
With the First Home Guarantee now offering expanded price caps and places, it is a great time to consider making your move from tenant to owner.
Thinking of buying? View our current listings for sale.
Thinking of investing? View our current listings for sale and talk to us about landlording.
