Suburbtrends Predicts Significant Rent Increases Across Key Brisbane Suburbs by October 2024
Presented by Lauren Jones, Buyers Agent
Brisbane, 7 August 2024 — Suburbtrends, a leading real estate analytics firm, has released a forecast indicating substantial rental increases in several suburban areas within Greater Brisbane. By October 2024, many regions are expected to experience rent hikes of 20% or more.
Key Highlights:
- Sandgate - Shorncliffe is projected to see a 32% increase in median rents, driven by a low vacancy rate of 1.2%.
- Browns Plains and Rochedale South - Priestdale are forecasted to experience a 29% rise in rents, with vacancy rates of 1.1% and 1.0% respectively.
- Bald Hills will see rents surge by 29%, with a vacancy rate of 1.3%.
Other notable areas include Fairfield - Dutton Park, expected to see a 27% increase, and Sherwood and Goodna, each with a projected 24% rise. These predictions highlight the mounting pressure on the rental market across various regions, driven by decreasing vacancy rates and heightened demand.
"These increases are significantly driven by demand from southern states, primarily due to Brisbane's comparative affordability. However, this gap is narrowing quickly," said Lauren Jones, Buyers Agent. "With the influx of interstate migration, the rental market is tightening more than ever."
These forecasts come as the Greater Brisbane region has already experienced a significant 16% annual increase in unit rents, with median rents rising from $510 per week in July 2023 to $590 per week in July 2024. This indicates widespread rental stress, with many renters facing higher-than-average increases.
Jones added, "Given the shortage of supply, renters should explore all avenues to transition from renting to homeownership before the Brisbane Olympics. This could be a strategic move to secure long-term housing stability amidst escalating rents."
