THE COST OF RENTING IN BRISBANE REACHES RECORD LEVELS, OUTSTRIPS MELBOURNE PRICES

For the first time in years, it now costs more to rent a home in Brisbane than Melbourne, with mass migration and a near two-decade low vacancy rate shooting median asking prices to record heights.

Amid tales of tenant bidding wars and rejected applicants reduced to tears, the latest Domain Rent Report, released Thursday, revealed the average weekly asking price for a house in the Queensland capital soared by almost 8 per cent to an unprecedented $440 per week over the past 12 months – and by 3.5 per cent over the past quarter alone.

The price hike means the average Brisbane tenant is now paying $10 more a week than their Melbourne counterpart for a house, and $25 more a week for a unit after prices for the latter rose by a slightly more modest 3.9 per cent over the year to a record-breaking $400 per week.

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