Source: Corelogic.com.au
A surge in overseas migrants and international students coupled with a significant shortfall in rental listings has led to the strongest annual rental increase on record for Australia’s capitals.
The mismatch between supply and demand continues to be the driving force pushing capital city rents higher. Over the four weeks to April 30th, the total supply of capital city rental listings was -20.9% below the level recorded this time last year and -39.8% below the five-year average.
Growth across capital city unit rents continues to outpace house rents, increasing 1.6% and 0.9% in April, respectively. The continued preference for the unit sector reflects both the strong demand from migrants and foreign students, who typically first settle in medium to high density housing, as well as a preference for more affordable accommodation.
Key rental and yield statistics to April 2023
| Houses | Brisbane |
|---|
| Median Rent | $630 |
| Monthly Change | 0.6% |
| Quarterly Change | 1.5% |
| Year-to-date Change | 1.9% |
| Year-on-year Change | 10.3% |
| Current Vacancy Rate | 1.3% |
| Vacancy Rate 12m ago | 1.1% |
| Units | Brisbane |
|---|
| Median Rent | $533 |
| Monthly Change | 1.1% |
| Quarterly Change | 3.6% |
| Year-to-date Change | 4.6% |
| Year-on-year Change | 16.5% |
| Current Vacancy Rate | 0.7% |
| Vacancy Rate 12m ago | 1.0% |
Highest 12 month rental growth - dwellings - Greater Brisbane
| Rank | | Median Weekly Rental Value | Annual Change | Vacancy Rate |
|---|
| 1 | Brisbane Inner City | $664 | 20.2% | 1.0% |
| 2 | Ipswich Hinterland | $518 | 16.1% | 1.3% |
| 3 | Redcliffe | $583 | 15.4% | 1.4% |
| 4 | Forest Lake - Oxley | $559 | 15.1% | 0.8% |
| 5 | Nathan | $669 | 14.8% | 1.0% |
| 6 | Brisbane Inner - East | $739 | 14.4% | 1.1% |
| 7 | Nundah | $594 | 13.9% | 0.8% |
| 8 | Ipswich Inner | $498 | 13.5% | 1.2% |
| 9 | Mt Gravatt | $700 | 13.3% | 1.3% |
| 10 | North Lakes | $586 | 12.8% | 1.0% |
