These are the suburbs where rents have fallen the most in Brisbane

first_imgNew research reveals the Brisbane suburbs where rents have fallen the most.REA Group chief economist Nerida Conisbee said investor activity in Brisbane’s inner apartment sector had increased the supply of rental housing.“There are just so many more option for renters,” Ms Conisbee said.“The majority of apartments are owned by investors and they are all competing for tenants.”Ms Conisbee said that explained why unit rents had fallen, but she was a bit surprised that house rents had also dropped significantly in some locations. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE “I think that although buyers are quite specific about what they buy — either a unit or a house — I think renters are far more fluid,” she said.“A lot of people who might have rented a house are now looking at these brand new apartments that have been built and seeing what they can get for their money. “It’s great news for renters in Brisbane because you can get some pretty good deals quite close to the city.” New research reveals the Brisbane suburbs where rents have fallen the most.In Banyo, also on Brisbane’s northside, tenants are paying nearly 19 per cent less rent than they were a year ago, and in Sunnybank, rents have dropped by $63 a week.When it comes to houses, rents in Hamilton have fallen by more than 17 per cent in a year to $560, from $680. LUXURY RIVER HOMES SELL OUT Mount Ommaney tenants are pocketing an extra $117 a week, while in trendy Teneriffe, you can now rent a house for $583 a week, compared to $685 a week 12 months ago.Even in Karana Downs, where the median weekly rent is only $400, renters have saved about $70 a week over the past year. New research reveals the Brisbane suburbs where rents have fallen the most.TENANTS are saving up to $120 a week in rent in some parts of Brisbane, where prices have fallen by as much as 25 per cent in the past year.The good news for renters comes as the inner-city market continues to suffer from an apartment glut, providing more options to choose from and an influx of landlords offering discounts and incentives as they compete for tenants.New research from reveals the best deals for units can be found just 8km from the CBD in Stafford Heights, where the median weekly rent has dropped more than 25 per cent in the past 12 months to $225. HOW TO SELL YOUR HOME center_img REA Group chief economist Nerida Conisbee.According to the latest SQM Research data, Brisbane’s vacancy rate remains relatively high at 3.4 per cent.Weekly asking rents for houses across Brisbane rose a modest 0.4 per cent over the year to the end of November to $443, while asking rents for units in the city during the same period fell 1.2 per cent to $366 a week. The Real Estate Institute of Queensland’s Market Monitor for the September quarter, released yesterday, reveals Brisbane’s rental market tightened during the period, except for the outer Brisbane region of Moreton Bay. WHERE YOU SHOULD INVEST The report found outer Brisbane has become more affordable for tenants, with rents for three-bedroom houses, three-bedroom townhouses and two-bedroom units in Logan, Ipswich andRedland holding steady or falling in the three months to the end of September.More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours agoREIQ chief executive Antonia Mercorella said a third of Queenslanders, or 34 per cent, rented their home and the market relied heavily on private landlords providing rental accommodation. Ms Mercorella said Brisbane’s rental market offered many affordable options for tenants, and rents were significantly cheaper than in Sydney and Melbourne as a result of lower wages and fewer cost-of-living pressures.BRISBANE SUBURBS WHERE HOUSE RENTS HAVE FALLEN THE MOSTSuburb Median weekly rent (Nov 2017) Median weekly rent (Nov 2016) % change Hamilton $560 $680 -17.65Mount Ommaney $583 $700 -16.79Chuwar $320 $380 -15.79Teneriffe $583 $685 -14.96Bowen Hills $520 $605 -14.05South Brisbane $450 $518 -13.04Fortitude Valley $470 $540 -12.96Shorncliffe $493 $565 -12.83Karana Downs $400 $458 -12.57West End $550 $615 -10.57(Source: Based on rental decreases within 30km of Brisbane’s CBD)BRISBANE SUBURBS WHERE UNITS RENTS HAVE FALLEN THE MOSTSuburb Median weekly rent (Nov 2017) Median weekly rent (Nov 2016) % changeStafford Heights $225 $303 -25.62Banyo $260 $320 -18.75Sunnybank $330 $393 -15.92Deagon $240 $280 -14.29Highgate Hill $350 $398 -11.95Tarragindi $300 $340 -11.76Newstead $435 $490 -11.22Clontarf $293 $328 -10.69Birkdale $360 $400 -10.00Warner $320 $355 -9.86(Source: Based on rental decreases within 30km of Brisbane’s CBD)last_img