Where to Find- Cheapest Rent in Brisbane

Find the cheapest Brisbane rental suburbs On the cheap … good rental deals can be found close to the Brisbane CBD.  Tenants in St Lucia, Breakfast Creek, Fairfield and Stones Corner have the best rental deal in Brisbane’s inner city, with the relative flattening of the rental market, new data shows.

NewDev_Design However, renters in those areas could soon be short of spare change, as reduced stimulus and the falling unemployment rate look set to push rental prices higher in the coming months. Median rental prices in Brisbane rose only slightly over the last quarter, although the national annual rate of rent grew just 1.3 per cent in the year to September- the smallest percentage growth since 2005 – a report from market analyst Australian Property Monitors has revealed. Find your suburb: median rental cost list The average asking price for a rental house in Brisbane was $360, up 2.9 per cent on the previous quarter, while unit rental remained flat at $340. “During the first two quarters of 2009, factors in the market favoured renters over landlords, with the weakness in the employment market reducing the ability of renters to agree to increases, and mortgage costs remaining low for landlords,” APM economist Matthew Bell said. Figures also released yesterday by the Real Estate Institute of Queensland showed unit dwellers in Annerley, Fairfield, Greenslopes and Stones Corner fared the best of any tenants living within seven kilometres of the CBD, with the median weekly rent at $310. Those living in houses in St Lucia, Albion and Breakfast Creek were paying $350 per week in rent – the cheapest of all other suburbs in close proximity to the CBD. Unsurprisingly Brisbane city unit living was the most expensive, with a median weekly rent of $530. In nearby Bowen Hills, Fortitude Valley, Herston and Newstead the median weekly rental price dipped to $450. Tenants in Milton, Paddington, East Brisbane, Kangaroo Point and Bulimba were not far behind, paying $440 a week. However, landlords are expected to soon regain the upper hand on asking prices, with interest rates set to rise again in the December quarter. “Interest rates have already started their slow rise back from emergency levels, the employment outlook is much stronger and we have seen the First Home Owners boost halved, reducing the attractiveness of moving from renting to ownership,” Mr Bell said. While median rents remained steady, the levelling of prices in some areas contributed to stronger investor yields. Macleay and Russell Islands in Moreton Bay bore gross yields of 5.8 per cent with a $15 increase in the median rent in the past quarter, according to the REIQ. Investor yields of 7.8 per cent were strongest in the CBD and Spring Hill where the median unit price remained about $360,000. In the state’s far north, Woree in Cairns was close behind recording a gross yield of 7.3 per cent. The region continues to benefit from its affordable unit price of $150,000. by MARISSA CALLIGEROS in Brisbane Times on January 14, 2010

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