RENTS are on the rise after years of flat growth in Brisbane, with new figures showing some suburbs have seen increases of more than $100 a week.
The cost of leasing most homes in the city became $10 to $20 a week more expensive than it was at the start of 2018, with the median rent for a three-bedroom house rising 3.6 per cent to hit $435 a week, according to the latest report from the Real Estate Institute of Queensland.
Rents for two-bedroom units rose even more — up five per cent to a median of $420 a week.
The biggest jump in rent was recorded in the inner west suburb of Ashgrove, where it is now $122 a week more expensive to rent a three-bedroom house than it was this time last year.
The median rent in the suburb is $550 per week, based on a sample size of 23 new bonds.
REIQ chief executive Antonia Mercorella said residential rents across Brisbane had been flat for some time, but were finally starting to rise, which was good news for investors.
Ms Mercorella said inner city properties were still generating flat returns, but some middle to outer suburbs, like Ashgrove, were outperforming.
"It’s such a popular suburb with families because of the access to good schools and it’s so green and leafy,” she said.
Other strong performers were the two clusters of Annerley/Yeronga and Gumdale/Ransome/Wakerley, where median rents rose $60 a week in each postcode group to come in at $500 and $525 a week, respectively.
TOP SUBURBS FOR MEDIAN RENTAL GROWTH HOUSES IN BRISBANE LGA
Suburb Annual rent change %
1. Ashgrove 28.5%
2. Yeronga 14.6%
3. Annerley/Fairfield 13.6%
4. Gumdale/Wakerley 12.9%
5. Hemmant 11.4%
(Source: REIQ, based on 12 mths to December 2018)
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Tuesday, 26 March 2019