Only one in three Queensland rental properties are now priced in the affordable zone for households earning a median income of $107,000.
This is the result of rents outpacing income growth over recent years.
“This sharp deterioration in rental affordability follows a period of reasonably favourable affordability over the six years from 2014-15 to 2020-21… But since December 2020, median advertised rents in both Brisbane and regional Queensland have surged 45%, far outstripping growth in incomes,” according to the PropTrack Rental Affordability Report.
While the pace has slowed in the past year, it’s still been a scorcher of a market for renters.
“Even over the past year – when rents grew at their slowest pace since 2020 – rents still increased 9.1% in Brisbane and 11.5% in other parts of Queensland. That has pushed affordability to its lowest level on record.”
The rental pain is seeing different responses from renters.
Share houses are making a comeback, adult children are staying longer in the family nest and those renters who can make the transition to home ownership are looking for ways to take the plunge sooner.
Talking to an independent mortgage broker and checking out government help to buy a home could help you map a path to home ownership sooner.
Considering your options? View our current listings for sale or check our listings for rent.
