In the year to May combined capital city weekly rents fell by -0.2 per cent, according to CoreLogic RP Data.
While that won’t put much cash back in your pocket, behind this broad-brush average are suburbs that have performed well and suburbs where rents have plummeted more than 30 per cent.
Houses in high end suburbs have recorded some of the largest drops in rental prices.
“Whether this is due to fewer executive rents as population growth slows or previous renters taking advantage of record-low interest rates to borrow to purchase is unknown,” wrote Cameron Kusher for CoreLogic RP Data.
Whatever the reason, tenants have reason to celebrate.
“For renters it is great news because it means they can potentially reduce their housing costs or find superior accommodation for a similar cost,” reports CoreLogic RP Data.
So where can you find some of Brisbane’s biggest rental bargains? Check out suburbs below that have recorded the biggest drops in median advertised rents over the past year.
Percentage drop in weekly advertised rents for houses
- Pinkenba – 36.7%
- South Brisbane 31.1%
- Ellen Grove – 24.4%
- New Farm – 21.1%
- Pullenvale – 15%
Percentage drop in weekly advertised rents for units
- Mount Ommaney – 13.5%
- Robertson – 11.9%
- Paddington – 10%
- Bardon – 9.5%
- Red Hill – 9%
Want to maximise the rental potential of your investment property? Talk to us about landlording.