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Brisbane rents skyrocket

21 October 2014 Staff Reporter

Rental demand for properties in Brisbane's inner- and middle-ring is on the rise, with the median asking rental price surging by up to 30 per cent in some suburbs.

New figures provided by Domain Group revealed renters are increasingly searching for cheaper alternatives out in the suburbs, but still within close proximity to the CBD, train stations and schools.

Domain Group senior economist Dr Andrew Wilson said the inner to middle west, south west and south east had become more popular with families over the past 12 months.

"There's high demand for the mid-range house rentals in Brisbane," he said.

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"Vacancy rates are on the low side, rental yields are holding and there's good growth coming through."

The sweet spot for tenants is a house with land in the mid-$400 per week range, according to Dr Wilson.

He said it explained why the median asking rent in Brisbane's more affordable south west suburbs, including Darra and Jindalee, have jumped by 12 per cent.

Place Estate head of property management Shae Mentink said families were prepared to go further out of the city in order to rent a nicer and bigger home.

"The median house prices in Jindalee are lower, about $450,000, but with that, you get a better property," she told Domain.

"You get the extra bedroom, the renovated house, in a family-orientated market. 

“People are looking for affordable living but still close to a train station and the CBD," she added.

Brisbane rents skyrocket
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