The latest Domain rental report for December 2021 is out and it shows a staggering surge in rent prices across Brisbane.
House rent prices jumped by 4.3% in a single quarter to a median of $480 per week.
“This is twice the pace of growth recorded in the prior quarter and is the largest increase in 15 years.” – DOMAIN
Unit rent prices went up by 2.4% to a record high of $420.
Over the last year house rental prices jumped by 12.9% in Brisbane. That’s a bigger increase than any other Australian capital city.
“House rents have achieved a record-breaking six consecutive quarters of rising asking rents, providing landlords with the longest period of continuous rental growth in Brisbane’s history.” – DOMAIN
Prices are expected to keep surging up until the Brisbane 2032 Olympic and Paralympic Games which has sparked concern over housing affordability.
“Overall, vacancies remain close to a multi-year low providing little choice and strong grounds for further rental price hikes.”
“Rental affordability is a growing concern, particularly for lower-income households.”