Good news for renters

TENANTS are in the box seat in Brisbane, with rents taking a tumble last month despite the vacancy rate tightening, new figures from consultancy SQM Research reveal.

The asking rent for a three-bedroom house in the city fell 0.5 per cent in February to $448, while landlords are now settling for $367 a week for a unit — 0.8 per cent less than a month earlier.

GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE

Asking rents for units in Brisbane are 1 per cent cheaper than they were a year ago.

Nationally, capital city asking rents over the month to March 12 fell 0.4 per cent to $560 a week for houses and remained steady at $442 for units.

The asking rent for a three-bedroom house in Sydney remains the highest in the nation at $739 a week.

INTEREST-ONLY LOANS HIT HISTORIC LOW

LIVE LIKE LIFE’S A HOLIDAY

BRISBANE’S REAL ESTATE YOUNG GUNS

Brisbane also recorded a drop in its vacancy rate to 3.4 per cent from 3.6 per cent as the surplus of rental properties eased, despite the inner city market suffering from a glut of apartments.

The national residential vacancy rate fell to 2.2 per cent in February, with the number of vacancies Australia-wide falling to 69,727, led by a sharp drop in Melbourne rental properties.

SQM Research managing director Louis Christopher said the figures highlighted tighter rental markets in most cities, which was largely a seasonal effect as students and workers moved to new rental homes for the beginning of the year.

Finance | news.com.au — Australia’s #1 news site

Facebook Comments