BRISBANE RENTS REACH RECORD HIGH IN DECEMBER QUARTER 2020: DOMAIN RENT REPORT

Unprecedented rates of interstate and overseas migration have sparked one of Brisbane’s strongest rental markets in a decade, with the city clocking record-high median prices that, in parts, are outstripping Melbourne.

Rental prices for houses rose by $10 to $425 a week during the December quarter, with units following close behind at $400 per week – up from $395 three months earlier, the latest Domain Rent Report shows.

It’s the city’s second consecutive quarterly price rise, and one that industry experts say could spell the end of Brisbane’s budget property era, with the pandemic-fuelled migration and a soaring property market the key drivers.

Domain senior research analyst Nicola Powell said for the first time in five years it was cheaper to rent a unit in Melbourne than Brisbane, with houses undergoing the steepest annual increase in seven years thanks to those two consecutive quarters of growth.

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