Brisbane Rental Prices in 2010
January 16th, 2010 | 
Brisbane rent price hike tipped in 2010
Tenants may have enjoyed an easy ride in 2009 with the flatlining of Brisbane’s rental market, but experts have tipped demand for rental properties will soar in 2010, along with weekly prices.
New figures published today by Australian Property Monitors show 2009 recorded the weakest rental growth in eight years, with rents in Brisbane hovering around $360 a week – an increase of just 2.9 per cent in median prices since 2008.
As the River City’s somewhat volatile buyer’s market plays catch up to Sydney’s and Melbourne’s fast-recovering housing trade, APM’s quarterly rental report predicts median house rents in Brisbane are set to rise nearly $40 to approach $400 per week.
Rental Prices Brisbane
The rental price hike will come as potential first home-buyers relinquish their ownership dreams with the end of the first home owners’ boost.
Brisbane is expected to outperform the rest of the country with at least an eight per cent rebound in weekly rental prices.
Rising interest rates and tightening vacancy rates look set to combine to give landlords the upper hand once more.
The mounting demand for rental properties was realised with Australian Bureau of Statistics housing finance figures yesterday showing first home-buyers represented 22.1 per cent of owner-occupier borrowers in November compared to 26 per cent in October 2009.
“It is clear that in 2009 rents were generally kept in a holding pattern as landlords and the market waited to see the end of the global financial crisis,” Matthew Bell senior economist for Australia Property Monitors said.
“Although rents should rise across the board, an improving employment outlook will mean more income for renters to be able to cope with these increases in 2010.”
Sydney rents are likely to increase by at least double last year’s rate to approach the $500 per week for houses, continuing to outstrip other eastern capitals, while the median house rent in Melbourne is expected to rise by five to seven per cent.
“The rental increases set for the year ahead will mean many families will have to chase more affordable rentals even further from areas of potential employment.”
Harcourts New Farm owner and property manager Kylie Pridham agreed the tenant’s reprieve – brought about by the global financial crisis – would not last long, with vacancy rates in Brisbane to remain about three per cent.
“We have had to reduce [the rent] on some properties by $50 a week, but that won’t last,” Ms Pridham told the Australian Financial Review.
“As soon as the lease finishes in six months time those rents will be back up.”
by MARISSA CALLIGEROS in Brisbane Times on January 13, 2010
Median rental prices 2009
Median house rents 2009
Brisbane $360
Sydney $460
Melbourne $360
Adelaide $320
Perth $360
Hobart $300
Darwin $500
Canberra $440
Median unit rents 2009
Brisbane $340
Sydney $420
Melbourne $335
Adelaide $260
Perth $350
Hobart $245
Darwin $500
Canberra $400
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Tags: Apm, Australia Property, Australian Bureau Of Statistics, Australian Property Monitors, Borrowers, brisbane property rent, brisbane rent prices, brisbane rental prices, Bureau Of Statistics, Employment Outlook, First Home Buyers, Flatlining, Global Financial Crisis, Landlords, Matthew Bell, Median Prices, Owner Occupier, Price Hike, rent 2010, Rental Properties, Rents, Rising Interest Rates, S Market, sydney rent prices, sydney rental prices, Vacancy Rates
