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What will Brisbane’s Property and Rental Market look like in 2022?

What will Brisbane’s Property and Rental Market look like in 2022?

Considering how extraordinary and unforeseeable the property and rental market was in 2021, many are starting to wonder what awaits us in the new year.

With 2022 just around the corner, here are some changes which will affect Queensland’s rental landscape, and what the Big Four are predicting for the property market.

New rental legislations 

On Wednesday 20th of October, the Housing Legislation Amendment Bill 2021 came into effect, however not all changes are effective immediately – here’s what will affect property owners and tenants in 2022 and beyond.

Framework for all parties to negotiate renting with pets

Will commence on a date yet to be set. We expect it to be sometime in 2022.

Changes will be introduced to make it easier for renters to have a pet. Once this is introduced renters will be able to seek the property owner’s permission to keep a pet, and the property owner can only refuse the request on reasonable grounds, such as keeping the pet would breach local council or state laws.

The property owner must respond to a request in writing within 14 days, or else consent is implied. The property owner’s consent can be subject to reasonable conditions such as the pet is to be kept outside. Rental increases and pet bonds will not be considered reasonable conditions!

Changes to approved reasons to end a tenancy

Will commence on a date yet to be set. We expect it to be sometime in 2022.

These changes will remove the option to end a tenancy without grounds, and instead provide tenants and property owners with a range of specific grounds on which to end a tenancy, along with the appropriate notice. New grounds for owners to end tenancies will include, the ending of a fixed-term agreement, to commence significant repair or renovations, or to sell/prepare the property for sale.

Minimum housing standards

Due to commence 2023–24

Minimum housing standards will apply for new tenancy agreements from 1st of September 2023, and all properties will need to be compliant by 1st of September 2024. The longer transition period for minimum housing standards allows property owners to plan and budget for any work required to comply with the legislation.

Brisbane city sky line
What will Brisbane’s Property and Rental Market look like in 2022?

The Property Market

Despite experiencing such incredible growth this year, slowing growth conditions are expected on the back of rising interest rates, increased hurdles in entering the market for non-homeowners, along with fewer government incentives to enter the market.

The Big Four have recently released their predictions for the Brisbane Property Market in 2022. Based on the median of these predictions, we can expect 7% growth: Commonwealth Bank 9% growth, Westpac 8% growth, ANZ 6% growth, NAB 5% growth. Compared to the 22% growth we experienced in 2021.

All are expecting a price fall in 2023, meaning that if you are considering selling, now is the time to act.

Of course, there is still uncertainty surrounding these predictions – no one knows what the impact of other external factors will be. Experts are predicting that Australia may follow in the footsteps of Europe and Singapore, by experiencing another wave of Covid-19 come next winter. So, we will just have to wait and see what the future holds.

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    Byrony O'Neill

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