Houses in East Brisbane, Cleveland and Norman Park as well as units in Bulimba and Paddington clocked up growth of 20 per cent or more.
Closer to home, perennially popular Everton Park claimed the fifth highest growth rate for median weekly unit rent, rallying 12 per cent in May.
A rent movement in a single suburb and a single month shouldn’t be interpreted in isolation of broader trends. But these stats suggest potential fears of a COVID-related rental downturn have yet to materialise for good quality properties in popular suburbs.
Realestate.com.au chief economist Nerida Conisbee said Brisbane had so far weathered the COVID storm better than most other capital city rental markets.
“One reason is the market had a bit of an undersupply of rental housing heading into COVID,” she said.
“Vacancy rates were low by March, so (Brisbane) went into lockdowns in a fairly strong state. We did see a big uptick in properties available to rent immediately following the announcements of COVID lockdowns, but since then we are now seeing a reduction in rental properties available. It is looking far more positive than it was.”
Check out the weekly median rent and percentage increase for Brisbane’s top performing suburbs for houses and units in May.
Houses
- East Brisbane $663, up 26%
- Cleveland $565, up 26%
- Norman Park $595, up 20%
- Kedron $538, up 19%
- Dakabin $400, up 14%
Units
- Bulimba $625, up 26%
- Paddington $508, up 21%
- Ashgrove $455, up 15%
- Coolangatta $480, up 14%
- Everton Park $425, up 12%
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