Queensland house rent rates have not increased quarter-on-quarter for the first time since December 2022.
Despite this, renters aren’t out of the woods yet as Brisbane rent prices reach record high median prices of $650 per week.
The price has remained steady over three months, marking the first flat result since December 2022 according to Domain.
Domain chief of research and economics Nicola Powell said while it’s still a landlords, the worst of the rental squeeze has passed for tenants.
“Over 2023 and 2024 we saw double-digit growth that tenants simply couldn’t sustain,” she said.
“And they’ve since sought cheaper rentals or gone into house shares.”
“So now we have an unusual dynamic in Brisbane. It’s still a landlord’s market and the vacancy rate is at 0.7% – barely above the record low of 0.6.”
According to Ray White Brisbane Apartments associate director, Ben Stockwell, tight vacancy rates are driving prices higher with one-bedroom units now renting for up to $800 even without a carpark.
“Over the past 12 months, that price has shifted a lot. A year ago, we’d rent a one-bedroom for about $650 per week,” he said.
“You’ve got a real demographic mix of tenants too – working professionals, students and, weirdly enough, a few downsizers like Baby Boomers. But they’re more drawn to the higher-end apartment market.”
Units still outperform houses, with the gap between the properties narrowing to 4.8%, the closest in nearly five years.
The Real Estate Institute of Queensland's Antonia Mercorella said she doesn’t anticipate rental prices moving at the rapid rate that we’ve seen recently and renters finding ways around it.
"I think now we've just got some renters looking for alternatives, and that might include things like a co-tenancy arrangement or simply moving back in with their parents or other family and friends,” she told ABC News.
The suburb with the largest increase was Moreton Bay (South) Hills District, which experienced a 4.6% rise in quarterly rise in unit prices to $680 a week, with Bald Hills-Everton Park closely behind with a 4.4% jump to $648.
