REA Group said she was surprised to see so many rental decreases across Queensland.
Tenants are experiencing a slight reprieve with rents down in more than 200 Queensland suburbs in a sign conditions are easing across the state’s tight housing market.
Latest PropTrack data shows rents in some suburbs across Queensland were down by up to $150 per week since last quarter
Across Greater Brisbane, Mount Warren Park, Sherwood and Banksia Beach recorded the biggest reductions for houses, with rents down between $50 and $70 for new tenants.
INTERACTIVE: Rent changes over the past year
Tenants are experiencing a slight reprieve with rents down in more than 200 Queensland suburbs. Picture David Clark
For units, rents were down $50 per week in Zillmere, Bardon and Windsor.
Brisbane’s overall median rent was $650 a week, while houses were $660 and units were $610.
Quarterly figures to May showed rent prices decreased between March and May in 218 house or unit markets, and remained stable in a further 274 suburbs.
All up 291 house or unit market recorded increases over the same period.
REA Group economist Anne Flaherty.
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REA Group economist Anne Flaherty said she was surprised to see 35 per cent of Queensland record rent decreases.
“It’s good to see the fact there has been a bit of stabilisation in rents,” Ms Flaherty said.
“The fact we have seen a significant slowdown in the pace of rental growth and some rents even moving backwards is good news for renters.
“The levels that rents were previously increasing were very challenging for a lot of households and well out of the ordinary.
“To now be in a situation where rent growth is in line with the historical average levels is a good thing.”
44 Yvonne Crescent, Mount Warren Park is on the rental market at $825 per week. Picture: realestate.com.au
Rents fell by more than 10 per cent in the past three months in six unit or house markets with tenants in Cambooya, Bowen and Runaway Bay experiencing the biggest drops.
Units in Cambooya were renting at $330 a week, down 18 per cent or $70 between February and May, while houses in Runaway Bay on the Gold Coast were renting at $1,050, down from $1,200.
3 Gatwick Street, Burdell, in Townsville, is on the rental market at $600 per week. Picture: realestate.com.au
Despite the big price drops, some Queensland suburbs recorded jumps with Innes Park, Buddina and Winston experiencing the biggest rental increases.
In north Queensland, 10 suburbs in Townsville, 16 suburbs in Cairns and eight suburbs in Mackay recorded rental decreases across unit and house markets.
“Townsville has seen a surge in investor interest and I think it’s one of the things that has increased the total number of rental properties in Townsville,” Ms Flaherty said.
“We do know if you see a surge in investor activity it can slow down rent growth.”
REIQ CEO Antonia Mercorella.
Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said the statewide vacancy rate remained tight at 0.9 per cent.
“We’re seeing some rental markets stabilise, and in some cases, even retreat slightly – suggesting the market may have reached an affordability ceiling, prompting both lessors and tenants to recalibrate,” Ms Mercorella said.
“Lessors are increasingly aware that each week a rental property sits vacant, it comes at a cost, and many are making pragmatic decisions around pricing to secure consistent, sustainable long-term tenancies.
“While this data reflects some encouraging signs for tenants, sadly it would be premature to say the rental crisis is easing.
“A sustained easing in rental pressures in Queensland will ultimately require increased rental housing supply.”
8 Goorawin Street, Runaway Bay is on the rental market at $1,000 per week. Picture: realestate.com.au
Ms Mercorella said the statewide vacancy rate had hovered around a critically low 1 per cent since December, 2023.
“In many parts of the state, vacancy rates are even lower, indicating persistent pressure on supply and ongoing rental stress,” she said.
“This is concerning when you consider the REIQ classifies a ‘healthy’ vacancy rate as between 2.6 – 3.5 per cent to sustain a stable rental market that caters to population growth and natural housing mobility.”
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