A studio-style room at 319 Newnham Road, Upper Mount Gravatt is on the market at $520 per week.
Brisbane’s rental crisis has produced a waiting list for a share house – with more than 100 prospective tenants competing for a single co-living property’s next vacancy.
As rental prices hit record highs and vacancy rates remain at historic lows, a relatively new style of rental accommodation is attracting extraordinary demand, with one purpose-built co-living property now recording a 25-person waitlist with more than 100 prospective tenants registered to inspect.
The property includes five bedrooms and five bathrooms on Newnham Road, Upper Mount Gravatt.
The studio-style room at 319 Newnham Road, Upper Mount Gravatt.
The Brisbane development in Upper Mount Gravatt has remained fully occupied since opening in December and offers residents private, self-contained studio-style rooms with ensuites, kitchen appliances and outdoor spaces, alongside shared amenities including communal kitchens, lounges and courtyards.
The asking price for one studio-style room is $520 per week.
Tony Draper, founder and managing director of The Harmony Group, is behind the co-living development and said demand reflected a growing shift among renters seeking affordability without sacrificing privacy, security or location.
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The studio-style room at Upper Mount Gravatt.
Mr Draper said the response had exceeded expectations.
“This property reached full occupancy within weeks of opening and has remained full ever since,” Mr Draper said.
“Having a 25-person waitlist and more than 100 people wanting to inspect shows there’s significant demand for high-quality co-living accommodation across Brisbane,” Mr Draper said.
“People are looking for privacy and independence, but they also want affordability, convenience and a sense of community.
“That’s exactly what this model delivers.”
A common area.
The Harmony Group offers co-living housing solutions for tenants, while working with investors to build wealth.
“The investors who are going to be killing it over the next ten years aren’t buying traditional properties,” he said.
“They’re building these purpose-built co-living properties.”
Another common area.
He said the owner of the Upper Mount Gravatt site had knocked down an older style house to build the co-living development.
“The owner of this property, the investor, he had a regular house here on this property for 10 years, it was a rental (and) he was only getting $450 to $500 for that property,” he said.
“He wanted to get some more cash flow.
“There was enough space here to actually subdivide and put a five bedroom co-living property. Now he is literally getting up to $500 per room.”
One of the studio-style rooms at Newnham Road, Upper Mount Gravatt.
Platinum Property Management Group manages the Newnham Rd, Upper Mount Gravatt property.
“Fresh, relaxing and beautifully appointed rooms available for short or long-term enjoyment in fantastic locale,” the listing states.
“Offering stress free living with all bills paid (electricity, gas, water, heating, aircon) and a wide range of amenities included.
“If you seek independence without the usual high cost of renting your own entire house, we can offer you the perfect balance of independence, affordability and your own piece of luxury.”
PropTrack data reveals the median weekly rent in Brisbane is $680.
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