The good news? Queensland remains the second most affordable state for renters in Australia.
The latest PropTrack Rental Affordability Index has captioned the pain of renters with new data showing no improvement in rental affordability.
“Rental affordability has continued to worsen across Queensland in the past 12 months and has deteriorated extremely sharply since 2020-21. Across the income distribution, Queensland households can afford the smallest share of rentals since 2007-08 when our records began,” it reports.
Median advertised rents in Brisbane have skyrocketed 50 per cent since December 2020 which has outpaced growth in salaries. This puts pressure on hip pockets as affordability worsens.
So that’s the bad news. What about the good news? Queensland is the second most affordability state for renters, next to Victoria.
But you don’t have to move to Victoria if you’re seeking some hip pocket relief.
Naturally moving further out towards outer middle ring burbs or outer burbs will tend to see lower rents. Unit rents have increased but are still trending cheaper than houses.
As interest rates have dropped, there is some speculation this could ease some pressure on rental growth and it may make home ownership a more realistic prospect for renters looking to get into the market.
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