Tenants compete for properties in Brisbane’s inner-west
After a strong finish to 2020, the rental market in Brisbane’s inner-western suburbs is showing no signs of slowing down.
Tenants are out in force and finding themselves in a highly competitive rental market. Throughout the suburbs and surrounding areas of Toowong, Paddington and Bardon, properties are being snapped up in record time.
Property Management Director Cheryl Kelly says “We are seeing high levels of enquiry from tenants almost as soon as a property is advertised online. Within the first few hours, phone calls and emails will come through asking if they can inspect the home right away.”
Brisbane rental market 2021
Cheryl says the demand for rental properties is being seen across all property types.
“Typically, 3-4 bedroom houses are always in-demand throughout Brisbane’s inner-western suburbs as they cater for families, young professionals and shared housing.
However, at the moment we are also experiencing a significant increase in demand for one bedroom apartments right through to executive five bedroom houses.”
Renting studio and one bedroom apartments
7/23 Lima Street, Auchenflower, which was leased in the first week of January, is a prime example of this trend. 23 prospective tenants viewed the one bedroom apartment during the first open home and all but one of those groups applied for the property.
The successful applicants offered $30 above the weekly asking rent in order to beat their competition and secure the property. The apartment was leased within 6 days for $320/week.
In vast contrast, Domain is reporting that similar apartments in Brisbane’s CBD are suffering due to a lack of tourism and international students.
Cheryl goes on to say, “The majority of those who considered renting Lima Street were single professionals, who preferred a city fringe location with access to the Auchenflower train station, rather than being in the heart of the CBD.”
Luxury houses for rent in Brisbane
At the opposite end of the rental market, a luxury house at 49 Outlook Crescent, Bardon was leased within the first hour of the home being advertised.
The sophisticated family residence, which was built in 2020, attracted a considerable amount of interest and we again saw competition amongst tenants.
The successful applicants were prepared to lease the property without inspecting the home and offered to pay 3 month’s rent in advance to secure the property immediately. Aptly named ‘Beach House’ the home has now been leased for $1,200/week.
Brisbane rental values increase
This heightened level of activity is putting upwards pressure on rental values, as tenants scramble to secure quality homes. CoreLogic revealed there has been a 2.7% increase in rental values for houses in Brisbane over the past 12 months.
In our inner-western suburbs, Toowong and Indooroopilly are reaping the rewards of a competitive rental market.
Houses in Toowong have jumped from an average of $520/week to $565/week since January last year. Indooroopilly has enjoyed a similar increase in rent, with houses rising from $525/week to $550/week year on year.
Are you considering renting your property?
Throughout December and January alone, our boutique agency has shown 192 tenants through our rental properties. On average, we have presented 12 applications to our landlords for consideration and most have been leased in less than 10 days.
We were also able to achieve a higher rent for 3 of these properties, which shows the strength of our inner-western rental market at the moment.
We would love the opportunity to help you achieve a similar result.