Brisbane market recap August 2021

With a lot of interstate migration, the increasing investment from the Olympics, and a relatively COVID-free year, the Brisbane rental market has been going crazy. Vacancies across Brisbane are lower than they have been in a long time. At the same time, interest rates remain low. This is great if you own an investment property as you will be seeing higher rental returns, and lower vacancy periods. Let’s take a deep dive into the rental market as of August.

Median rent

Brisbane has now become Australia’s fourth most expensive rental market for houses. Only Sydney, Darwin, and Hobart are more expensive. This means Brisbane has eclipsed previous expensive cities of Melbourne and Canberra. The increase here is a 2.70% month-to-month median increase in housing rent to $495 per week. Apartments are at a stable $410 per week median after receiving no median increase over the previous month.

Price per room

Another way of looking at the rental market is through price per room. Here, Brisbane has seen larger jumps, becoming the third most expensive city for apartments in Australia. With a 6.7% jump in price per room from August 2020, apartments are now sitting at $237 per room per week. Houses have seen a bigger year-on-year increase. With a 9% jump to $155, houses in Brisbane continue to see growth.

Time on market

This month sees Brisbane as a winner with Houses spending the least time on market here than any other state capital. On average, houses spent 15 days on the market. This is 5% faster than August 2020 but is 2% slower than July 2021. Despite this small decrease Brisbane still managed to take out the top spot here.

Meanwhile, Apartments are fairing better than August 2020. Apartments are going 28% faster than the previous year at 19 days. While this is 8% slower than the previous month, it is showing positive signs of recovery for Brisbane’s apartment market. This is something not replicated in Sydney and Melbourne, whose apartments are seeing a much higher time on market.

Conclusion

Brisbane is seeing a resurgence in the rental market. While once the affordable capital city, this has been slowly shrugged off thanks to extra demand. The levels of growth Brisbane is receiving is unprecedented, especially since most other cities are seeing minuscule or negative growth in Australia. It is a great time to own an investment property. If you aren’t getting the lowest interest rates possible, you should consider refinancing your loan with Link Advance. This will help you gain the highest rental yields possible, increasing your property’s profitability. For more advice feel free to reach out to Link Living for a quick chat.