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Brisbane Rents Rising Faster Than Other Mainland Capitals

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  • Post published:October 17, 2019
  • Post category:News

Brisbane logged the highest rise in rents this past quarter of all mainland capitals, but there’s good news for renters -it’s still cheaper to live here than everywhere else on the East Coast.

The latest CoreLogic September 2019 Quarterly Rental Review found Brisbane rents rose 0.3pc in the quarter, bucking a national trend downwards (-0.3pc) with the combined capitals result also going backwards (-0.5pc).

“The quarterly national decline can be attributed to the decline in rental rates across five of the eight capital cities and slowing growth across the combined regional rental markets,” CoreLogic found.

Sydney saw its quarterly change in rents come in at -1pc, while Melbourne (-0.3pc), Perth (-0.4pc), Darwin (0.2pc) and Canberra (-1.1pc) went backwards. Adelaide was the only other mainland capital to rise (0.2pc) while Hobart posted 0.6pc.

Change in rents, CoreLogic Quarterly Rental Review, Sept 2019. Source: CoreLogic
Change in rents, CoreLogic Quarterly Rental Review, Sept 2019. Source: CoreLogic

While investors would be heartened by the slow rise in Brisbane, renters don’t have too much to complain about either, with Brisbane’s median rent ($435 a week) sitting lower than not just the combined capitals ($464) but also just below national level too ($436).

Median rent for all dwellings in Sydney was highest ($571 a week), Melbourne was on $457, while Canberra was second highest at $538.

The report found that it was rents in the combined regional markets that were seeing higher rises now, posting a 0.3pc quarterly increase.

The data also saw the quarterly auction clearance rate come in at its highest rate (69.9pc across 16,730 auctions) since the June 2017 quarter (71.7 per cent) nationally.

CoreLogic head of research Tim Lawless said weekly auction clearance rates were also holding within the last seven weeks of the quarter at or above 70 per cent.

“The lift in clearance rates highlights a better fit between buyer and seller pricing expectations and some urgency creeping back into the market as a larger pool of buyers compete for a smaller than usual number of homes for sale.” he said.

“There is a strong likelihood that advertised stock levels and the number of scheduled auctions will progressively rise as spring progresses and vendor confidence lifts on healthier housing market conditions.”