Rents were up by over 10 per cent for both houses and units.
House rents in Brisbane surged by 11.6 per cent year-on-year to $530 a week, with unit dwellers also hit with a 10 per cent rise to a weekly median of $440, reports realestate.com.au.
Renters hoping for a slowdown in 2023 may be disappointed, says PropTrack economic research director Cameron Kusher.
“We expect rents will continue to rise in 2023, but maybe not to the same magnitude as this past year,” he said. “There are not many signs of slowing down of demand, and there’s no real indication of any increase in supply of rental stock either. Given that, we will see fairly strong rental (price) growth in 2023.”
Some of the strongest growth in Brisbane unit rents last year was recorded in the Redcliffe Peninsula, the city centre and also Bald Hills.
House rents grew most strongly in the outer suburb bands of the southside.
The latest CoreLogic Best of the Best Report showed houses in Woodend (Ipswich) and units in Margate (Redcliffe Peninsula) had the highest 12 month growth in rent, clocking up 23.5 per cent and 24.1 per cent growth respectively. Check out the full lists of top rental growth suburbs below.
Strongest 12 month growth in unit rents in Greater Brisbane to December 2022:
- Margate, Moreton Bay – North, 24.1%, $462
- Kippa-Ring, Moreton Bay – North 24.1% $403
- Bald Hills, Brisbane – North 21.0%, $477
- St Lucia, Brisbane – West 19.3%, $552
- Bongaree, Moreton Bay – North 19.2%, $460
- Spring Hill, Brisbane Inner City 19.2%, $553
- Brisbane City, Brisbane Inner City 18.5%, $660
- Fortitude Valley, Brisbane Inner City 18.2%, $548
- Bethania, Logan – Beaudesert 18.1%, $389
- Woody Point, Moreton Bay – North 18.1%, $509
Strongest 12 month growth in house rents in Greater Brisbane to December 2022:
- Woodend Ipswich, 23.5%, $512
- Kairabah, Logan – Beaudesert, 23.4%, $557
- Ipswich, 23.1%, $498
- Sadliers Crossing, Ipswich, 23.1%, $513
- Fernvale, Ipswich, 22.7%, $513
- Greenbank, Logan – Beaudesert, 21.4%, $683
- Ashgrove, Brisbane Inner City, 21.3%, $946
- Undullah, Logan – Beaudesert, 21.1%, $583
- Heritage Park, Logan – Beaudesert, 20.9%, $586
- Churchill, Ipswich, 20.2% $463
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