The latest interest rate hike won’t bode well for Brisbane renters in an already tight and unaffordable market, as new analysis highlights the extremely low rental vacancy rate.
National housing campaign Everybody’s Home has analysed the latest SQM Research Weekly Rents Index, finding asking rents in Brisbane have increased by $86 to $149 per week over the past year.
Ipswich tenants are paying $91 extra a week in rent compared to a year ago.
Across Brisbane, rents have risen by up to $67 a week over the last three months alone.
Residential vacancy rates have slipped to 0.8% in Brisbane overall, with all areas at or below 1%.
Community | Vacancy rate Oct 22 | Asking rent Nov 22 | Rolling quarter change in weekly rent | Annual change in weekly rent |
Brisbane CBD | 1% | $650.44 | $67 or 11.4% | $149 or 29.8% |
East Brisbane | 0.9% | $666.14 | $18 or 2.8% | $125 or 23.2% |
Inner Brisbane | 0.9% | $610.36 | $7 or 1.2% | $124 or 25.6% |
Beenleigh Corridor | 0.7% | $591.15 | $8 or 1.3% | $120 or 25.6% |
South East Brisbane | 0.9% | $653.75 | $39 or 6.3% | $118 or 22.0% |
Southern Brisbane | 0.8% | $546.69 | $19 or 3.7% | $107 or 24.2% |
West Brisbane | 0.7% | $575.08 | $25 or 4.5% | $106 or 22.6% |
Ipswich | 0.7% | $473.11 | $26 or 5.9% | $91 or 23.7% |
Northern Brisbane | 0.6% | $556.72 | $25 or 4.8% | $86 or 18.3% |
*week ending 4 December 2022
Everybody’s Home national spokesperson Maiy Azize said renters were absorbing the costs of inflation.
“Rents have been on the rise well before interest rates climbed, but every rate increase adds more pressure to an overheated and unaffordable housing market.
“Another interest rate hike means renters will be worse off if their landlord passes on an increase. This will deepen housing stress for thousands of people.
“To deal with the rental crisis, the Federal Government must invest in social housing. We’re calling on them to build 25,000 homes a year to end the shortfall, help thousands of people at risk of homelessness, and pull even more out of rental stress. At the same time, we’ll be freeing up lower cost rentals for people who need them.
“Building social housing would be the most powerful way to tackle the rental crisis and give Australians the secure, stable homes they need and deserve.
“If we don’t act, people will be pushed deeper into housing stress and even homelessness.
“We’re calling on the government to take action and make sure everyone has a place to call home.”
