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Here’s what’s happening to rents in Queensland

In good news for property investors, rents are slowly on the way up in Queensland.

The latest Corelogic Rental Review showed that: queensland brisbane city water sky QLD map state capital australia

  • Rental rates in Brisbane increased by 1.1% over the first quarter of 2018 compared to a 1.2% increase in rents across regional Queensland.
  • Brisbane rents were just 0.6% higher over the past 12 months compared to a larger 2.8% increase across regional Queensland.
  • Gross rental yields in Brisbane have moved marginally lower over the past year from 4.42% to 4.40%.

To help you understand what’s happening with rents throughout the Sunshine State, first let’s look at the national overview from CoreLogic and then their rental figures for the various regions of Queensland.

National Overview

  • Nationally, rents climbed by 0.3 per cent in March to be 1.1 per cent higher over the first quarter of 2018 and 2.2 per cent higher over the 12 months to March 2018. In comparison to the first three months of 2017 when rents increased by 1.5 per cent, the growth in rental prices has slowed (-0.4 per cent). 
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  • Rental growth over the first quarter is higher in the regional markets (+1.2 per cent) than in the capital cities (+1.0 per cent). This trend is also reflected in activity over the past 12 months — rents are up 3.1 per cent in the regions compared to an increase of 1.9 per cent across the capitals.
  • Over the first quarter, rents climbed in all capital cities except for Darwin (-0.3 per cent). The highest quarterly rental increases were in Hobart (+5.0 per cent), which also reported its strongest first quarter growth on record, and Canberra (+2.3 per cent).
  • Over the past 12 months, Hobart reported the highest growth in rental rates (+11.7 per cent). Rents climbed higher in all capital cities except Perth (-1.3 per cent) and Darwin (-1.6 per cent). Increase In Rent Demand
  • The national median rent is $427 ($426 for houses and $430 for units). Across the capital cities, the median rental is $459 per week. The median house rental in the capital cities is $460 compared to $453 for units. Across the regional markets, both houses and units averaged $355 per week.
  • At $374, Adelaide has the cheapest weekly rent out of all the capital cities. The highest median weekly rent is in Sydney, where the cost is $582.
  • Rental yields have increased nationally by 0.1 per cent over the past 12 months to 3.68 per cent. The highest rental yields are in Darwin (5.83 per cent) and Hobart (5.01 per cent). Melbourne (2.93 per cent) has the lowest rental yields, followed by Sydney (3.20 per cent).

Queensland

  • With a median rental rate of $499 per week, prices were higher in the Gold Coast than they were anywhere else in Queensland — including inner Brisbane ($498). The Sunshine Coast was Queensland Australiathe third most expensive place to rent across the state, with a median rental of $489 per week.
  • Rental prices climbed over the first quarter in all regions except for the Queensland Outback (-5.6 per cent) and Darling Downs-Maranoa (-1.4 per cent).
  • The highest yield was to be found in the Queensland Outback, with a 9.4 per cent return.

Rental rates in Brisbane increased by 1.1% over the first quarter of 2018 compared to a 1.2% increase in rents across regional Queensland.

Brisbane rents were just 0.6% higher over the past 12 months compared to a larger 2.8% increase across regional Queensland.

Gross rental yields in Brisbane have moved marginally lower over the past year from 4.42% to 4.40%.

Outside of Brisbane, rental yields have increased from 5.24% a year ago to 5.27% currently. Queenslands Population

Each SA4 region of Brisbane recorded a quarterly increase in rental rates, while over the past year, rents fell across two of the nine Brisbane SA4 regions.

Rental rates have increased at a similar pace to value which has resulted in seven of the nine Brisbane SA4 regions recording no change in rental yield over the past year while they reduced across the remaining two regions.

The housing market performance is much more mixed in regional Queensland however, values have only fallen over the quarter in two regions and in one region over the past year.

At the same time, the MackayIsaac-Whitsunday region has recorded a double-digit rental increase.

Of the 10 regional markets, six have higher yields than a year ago, two have unchanged yields and two have lower yields.

Median Rent Monthly

Change

Quarterly

Change

Year-to-date

Change

Annual

Change

Current Yield Yield 12 mths

Ago

SA4 Region
Brisbane – East $484 0.3% 0.9% 0.9% 0.7% 4.6% 4.7%
Brisbane – North $443 0.4% 1.3% 1.3% 1.1% 4.4% 4.4%
Brisbane – South $465 0.2% 2.0% 2.0% 1.8% 3.9% 3.9%
Brisbane – West $521 -0.1% 1.4% 1.4% -0.4% 4.1% 4.2%
Brisbane Inner City $498 -0.1% 0.5% 0.5% -0.7% 4.0% 4.0%
Cairns $367 -0.5% 0.3% 0.3% 2.2% 6.0% 5.9%
Darling Downs – Maranoa $271 0.0% -1.4% -1.4% -0.1% 6.2% 5.9%
Central Queensland $297 0.5% 1.3% 1.3% 2.4% 6.0% 5.6%
Gold Coast $499 0.6% 1.9% 1.9% 3.5% 4.9% 4.9%
Ipswich $355 0.3% 0.8% 0.8% 1.0% 5.2% 5.2%
Logan – Beaudesert $393 0.2% 0.7% 0.7% 0.8% 5.2% 5.2%
Mackay – Isaac – Whitsunday $368 0.6% 1.7% 1.7% 12.0% 6.4% 5.6%
Moreton Bay – North $387 0.7% 2.2% 2.2% 1.0% 4.9% 4.9%
Moreton Bay – South $442 -0.1% 0.3% 0.3% 0.1% 4.8% 4.9%
Queensland – Outback $330 6.8% -5.6% -5.6% 0.1% 9.4% 9.4%
Sunshine Coast $489 0.6% 1.4% 1.4% 1.8% 4.6% 4.8%
Toowoomba $341 0.4% 1.3% 1.3% 1.0% 5.1% 5.0%
Townsville $332 -0.1% 2.0% 2.0% 3.2% 5.9% 5.6%
Wide Bay $302 0.1% 0.9% 0.9% 1.3% 5.7% 5.8%

Source of data : Corelogic Quarterly Rental Review 

You can find the original New South Wales rents review here. You may also be interested in reading:

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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