While that can make house hunting a tough time for tenants, the good news is rental prices are still reasonably affordable as the market continues to absorb a high volume of new properties.
“Weekly median rents in the June quarter for three bedroom houses were up 1.2 per cent year on year, while three bedroom units increased by 3 per cent,” the REIQ reported.
“Property managers have indicated that the Brisbane market is competitively priced as the oversupply of properties continues, particularly in terms of new developments for both the inner and outer Brisbane regions.”
While most Brisbane markets were classified as ‘tight’ by the REIQ report, some offered more breathing space than others.
The popularity of the middle ring suburbs continues to drive competition for rentals, with a vacancy rate of just 1.3 per cent.
Further north, Moreton Bay reported a vacancy rate of 1.7 per cent and further north again, Redcliffe renters were breathing easy with a vacancy rate of 2.8 per cent.
Check out the stats for rental vacancy rates across greater Brisbane:
- Brisbane local government area 1.6%
- Inner city Brisbane 1.9%
- Middle ring Brisbane 1.3%
- Moreton Bay 1.7%
- Redcliffe 2.8%
- Ipswich 2.9%
- Logan 1.5%