Tenants willing to shell out more rent
Brisbane's tenants are now willing to pay an additional $20 a week on average, indicating that rentals may be catching up with property price growth. Rental Tenancies Authority figures show that rents for Brisbane and all surrounding shires increased in the year to March. In Brisbane, rents increased 8.9 per cent or $20 to $245 in the 12 months while rents for two-bedroom units were up 10 per cent or $20 to $220 in the year to March. For the March quarter, houses in Brisbane's southwestern suburbs experienced the biggest rental increases: 12.8 per cent to $220 per week. The Real Estate Institute of Queensland said many first-home buyers are having to save longer for their deposits due to higher property prices in Brisbane. As a result, increased demand for rental property is putting upward pressure on rental prices.