Brighter And some

Could we be seeing an easing of rental prices?

by Kate Watt, Marketing Manager 16 May 2024

Rental price growth is slowing but should tenants pop the champagne cork yet or is it too early to see rents flatline or drop?

Brisbane rents rose just over 9 per cent in the March quarter, according to the latest PropTrack rental report says

This is a slower pace of growth than most of the capital cities nationally, with Perth topping the charts with a whopping 15.5 per cent growth last quarter. Perth, Adelaide, Melbourne and Sydney all saw rent rises in excess of 10 per cent.

Last month SQM Research data showed Brisbane rental vacancies had increased ever so slightly by 0.1 per cent from the previous month.

So are these signs of an easing rental market? Possibly, but it’s not time to celebrate yet.

“Unfortunately for renters, things are going to get worse before they get better,” said PropTrack director of economic research Cameron Kusher.

“Housing construction is at decade low levels and yes, investors are coming into the market, but there’s still quite a lot of investors selling out of the market as well.

“I think rents are going to continue to rise well above the rate of inflation, so for people renting, it’s going to get relatively more expensive to be renting.”

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