Landlords may now breathe a sigh of relief as weekly rental rates in Brisbane, including the suburbs of Annerly and Yeronga, have begun to rise after years of stagnation, the latest report from the Real Estate Institute of Queensland shows.
Latest figures show that weekly rents in some Brisbane suburbs are seeing increases by as much as $100. Yeronga and Annerley, both with a median rent per week of $500 showed a 14.6 and 13.6 percent change over the past 12 months up to December 2018, respectively.
Ashgrove registered the biggest gain with a house median rent per week of $550, up by 28.5 percent or $122 per week more expensive. Other top suburbs for annual rent change are Gumdale/Wakerley with a 12.9 percent increase and Hemmant with 11.4 percent change.
Street view from Yeronga
Latest data from realestate.com.au showed the median unit rent per week in Annerley and Yeronga at $345 and $400, respectively, as compared to the state average of $370.
Street view from Annerley
Median house rent per week, on the other hand, is $460 in Annerley and $484 in Yeronga, more expensive than the QLD average rent per week of $400. Data was based on house and units listings from 1 April 2018 – 11 April 2019.
For most homes in Brisbane, leasing has become $10 to $20 per week more expensive than it was at the start of 2018, according to the latest data from REIQ.
A three-bedroom house commands a median rent of $435 or an increase of 3.6 percent, whilst a two-bedroom house now has a median rent of $420 per week, up by five percent from 2018. New Farm and Teneriffe are the most expensive suburbs in Brisbane LGA to rent a three-bedroom house with a weekly median rent at $700.
Despite the two percent and 2.5 increase in vacancy rates in September and December 2018, respectively, house gross rental yields in Brisbane LGA reached 3.3 percent whilst unit gross rental yield was at 5.1 percent in December.
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