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Rental Review for March 2015

Posted by John Leeson on 30 April 2015
Over the first quarter of 2015, rental rates on a national basis have risen by 1.3 per cent for houses and units, while,
across the combined capital cities, advertised weekly house and unit rents have risen 1.2 per cent over the three months to the end of March 2015.

Key rental statistics to March Quarter 2015

Houses $410
Median rent 0.0%
Quarterly Change 0.0%
YTD Change 2.5%
YOY Change 2.6%
5 Year Avg Annual Change $390
Units 0.0%
Median Rent 0.0%
Quarterly Change 0.0%
YTD Change 0.0%
YOY Change 0.0%
5 year Avg Annual Change 2.2%

When compared to March 2014, national house rents are 2.6 per cent higher at $400 per week, while unit rents are
1.3 per cent higher over the year, currently sitting at $390 per week. Across the combined capital cities, rental growth has been more moderate, with house and unit rents up 1.2 per cent to $435 per week and $415 per week respectively.

Brisbane

A typical Brisbane house rents for $410 per week, which has remained steady over the first three months of 2015, however is 2.5 per cent higher than at the same time in 2014. Similarly, Brisbane unit rents have remained at $390 per week over the March 2015 quarter, however unlike houses, the Brisbane unit rental market has seen no rise in rents when compared to March 2014.

Across the individual product types, three bedroom (2.6 per cent) and four bedroom (3.5 per cent) houses were both renting for more in March 2015 than they were in March 2014, while five bedroom house rents were unchanged over the 12 month period at $600 per week.
In Brisbane, the only unit product type to record a change in advertised rental rates over the year were one bedroom units, where rents rose by 2.9 per cent  to
$360 per week. Each unit product type recorded annual rental changes below the five year averages.
There was some variation across Brisbane's individual sub-regions with annual rises as high as 3.5 per cent for Redcliffe and Southeast Outer Brisbane houses, while the weakest performing rental market over the year was Inner Brisbane units, where rents fell by -2.1 per cent over  the  year  which  can  likely  be  attributed  to   the
increasing stock availability across the sub-region.

Key rental statistics by number of bedrooms

Houses
Property Type Median Weekly Rent     Quarter         YTD         YOY     5yr Avg Annual Change
3 Bedroom $390 0.0% 0.0% 2.6% 2.2%
4 Bedroom $440 2.3% 2.3% 3.5% 2.4%

 

Units
Property Type Median Weekly Rent Quarter YTD YOY 5yr Avg Annual Change
1 Bedroom $360 0.0% 0.0% 2.9% 4.1%
2 Bedroom $380 0.0% 0.0% 0.0% 2.2%
3 Bedroom $420 1.2% 1.2% 0.0% 1.2%

 

Houses
Statistical Subdivision Median Weekly Rent     QTR         YTD         YOY    

5 Yr Avg Annually

Caboolture $350 1.4% 1.4% 2.9% 1.8%
Inner Brisbane $560 1.8% 1.8% 1.8% 5.4%
Ipswich City $335 -1.5% -1.5% 1.5% 1.6%
Logan City $380 0.0% 0.0% 2.7% 1.7%
Northwest Inner Brisbane $500 0.0% 0.0% 1.0% 4.0%
Northwest Outer Brisbane $430 2.4% 2.4% 2.4% 2.5%
Pine Rivers $415 1.2% 1.2% 1.2% 1.8%
Redcliffe $370 0.0% 0.0% 2.8% 2.6%
Redland City $440 -2.2% -2.2% 3.5% 2.4%
Southeast Inner Brisbane $475 -3.1% -3.1% 0.0% 3.5%
Southeast Outer Brisbane $445 1.1% 1.1% 3.5% 2.7%

 

Units
Median Weekly Rent    QTR       YTD        YOY   

5 Yr Avg Annually

$291 -1.4% -1.4% 0.3% 0.4%
$470 -1.1% -1.1% -2.1% 2.8%
$285 0.0% 0.0% 1.8% 1.1%
$300 0.0% 0.0% 1.7% 2.1%
$400 0.0% 0.0% 0.0% 2.1%
$380 0.0% 0.0% 0.0% 1.7%
$340 0.0% 0.0% 3.0% 1.2%
$345 1.5% 1.5% 1.5% 1.5%
$390 2.6% 2.6% 2.6% 1.6%
$400 0.0% 0.0% 0.0% 2.7%
$395 0.0% 0.0% 0.0% 1.3%

Regional Queensland

Units
Property Type Median Weekly Rent Quarter YTD YOY 5yr Avg Annual Change
1 Bedroom $360 0.0% 0.0% 2.9% 4.1%
2 Bedroom $380 0.0% 0.0% 0.0% 2.2%
3 Bedroom $420 1.2% 1.2% 0.0% 1.2%

 

Houses
Statistical Subdivision Median Weekly Rent     QTR         YTD         YOY    

5 Yr Avg Annually

Darling Downs $310 -1.6% -1.6% 3.1% 2.8%
Gold Coast $470 0.0% 0.0% 4.4% 2.3%
Mackay $330 -5.7% 2.4% -16.5% -3.8%
South West $360 -5.3% -2.2% -10.0% 7.1%
Sunshine Coast $470 2.2% -3.1% 6.8% 3.8%
West Moreton $320 3.2% 1.1% 6.7% 1.3%

 

Units
Statistical Subdivision Median Weekly Rent     QTR         YTD         YOY    

5 Yr Avg Annually

Darling Downs $275 -1.1% -1.1% -3.5% 2.8%
Gold Coast $380 1.3% 1.3% 5.6% 1.1%
Mackay $285 -4.8% -4.8% -13.6% -2.3%
South West $363 na na na na
Sunshine Coast $370 2.8% 2.8% 4.2% 2.3%
West Moreton $250 -3.8% -3.8% 0.0% 0.8%

Source:  Extracts Corelogic RP Data

Author: John Leeson
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