BRISBANE'S RENTAL ROLLERCOASTER: PROPTRACK REPORT SEPT 2023
Hi friends! The recent PropTrack Rental Report for September 2023 had a treasure trove of insights, and today, we're zooming right into the heart of our sunny state capital. Brisbane has our own unique property ebb and flow. Let's break down what 2023 looked like for us for far.
A Glimpse at the National Scene
Australia's rental market is buzzing like that popular brunch spot on a Sunday morning. Renters are hungry for property, but there just isn't enough to go around. Nationally, rents have surged by 14.6%, but Brisbane is riding its own wave within this trend.
Brisbane in Focus
Rental Listings: The month of September 2023 saw Brisbane’s new rental listings dip by 5.7% compared to the previous year. Although Sydney and Melbourne saw even more significant drops, Brisbane's figure was notably lower than its five-year average for September. So, if you felt rentals were hard to come by, the stats back you up.
Days on Site: Here's a quick one for you - rentals in Brisbane were snapped up in just 17 days on average! That's lightning speed and a clear sign of the fierce competition among renters.
Vacancy Hits a Low: If you felt that finding a rental was like searching for a needle in a haystack, you weren't wrong. Brisbane recorded a staggeringly low vacancy rate of 0.7% in September. To put it plainly, rentals are gold right now!
Enquiry Dynamics: The average inquiries per rental listing in Brisbane saw a curious decline, contrasting trends in cities like Melbourne and Sydney. It might point to the sheer volume of demand and the race to snag a property without spending time making multiple inquiries.
Rental Yields – A Sweet Spot for Investors
For the Brisbane landlords and property gurus, gross rental yields showed promising trends. While nationally they rose from 3.9% to 4.2%, Brisbane had its unique narrative. There was a slight dip in some regions, but overall, the landscape remains lucrative for potential investors.
Brisbane’s Road Ahead
It's clear that Brisbane’s rental market is on a rollercoaster ride. While rental prices have been climbing, challenges like high construction costs and financing woes have limited the number of new dwellings.
The city's rental trajectory suggests a continued rise in prices, thanks to the tight supply and robust demand. With Brisbane's population growing steadily, the need for more housing options is pressing. As the city evolves, it might be time to think about innovative housing solutions and financing structures to cater to this demand.
That wraps up our deep dive into Brisbane's rental scene for 2023 so far. The market's in a whirlwind of change, with both challenges and golden opportunities at every turn. Whether you're a renter, investor, or just a curious Brisbane local, staying informed is the key.
Adele Oliver # 0439 005 705
