Brisbane has biggest annual increase in weekly rent of all capital cities in the country

As Brisbane was named the Aussie city with the largest annual jump in average weekly rent, renters on the Gold Coast are now paying almost $1000 a week. SEARCH YOUR SUBURB

Brisbane houses have seen the largest increase in weekly rent costs of all capital cities in the country, according to the latest data which has shown housing rent is up more than 20 per cent in just 12 months.

The data from SQM Research found that weekly rent prices for houses in Brisbane have soared to an average of $607.80, while units are at $430.30.

Since this time last year, prices jumped 21.8 per cent for houses, and on average, units are $177 more expensive per week than in June 2020.

The rate of growth is the highest of all capital cities in the country, even beating Sydney where houses have increased 21.3 per cent in 12 months, as well as smashing the overall capital city average increase of 16.3 per cent.

Prices continue to soar to record highs in a number of Queensland cities, including Gold Coast where the cost to rent a house was once $576 a week in June 2020, before almost doubling to $1000 a week on average today.

Meanwhile, in the Sunshine Coast prices have now hit an average of $685 per week for a house, which is up 13.6 per cent in 12 months.

A large rental inspection turnout at an Underwood property. Picture: Liam Kidston

Queensland is in the grips of a “very tight” rental market, according to Antonia Mercorella, CEO at Real Estate Institute of Queensland who said renters are facing mounting competition to secure a property.

“It’s not unusual these days to see long queues at these properties of up to 50 people,” she said.

“What we’re also seeing is a number of prospective tenants looking for ways to stand out. We’re hearing stories of people offering to rent upfront in lump sums, or others offering over the asking price. That’s become much more common over the past six to 12 months.”

And once they get a place, renters are also staying longer than they have in previous years with the median stay in houses across the state now at 18.8 months, up from just 16.2 months in 2016-2017, according to RTA data.

However, it’s also becoming common for some landlords to partake in unethical behaviours to remove tenants for their own benefit according to Penny Carr, CEO at Tenants Queensland.

“Some of the unethical behaviours we’ve seen are long-term tenants being sent lease resigns with rent at a higher price and at the same time a notice to leave if they don’t resign the lease,” she said.

Tenants are unable to afford the new price of rent and are then forced to leave their home, with Ms Carr saying the situation has become “incredibly difficult” for renters to work through.

“The calls we get to our service are highly stressed. It’s people who you wouldn’t expect, it’s people who are full time workers and some are double income being put on the street,” she said.

“It’s just not fair for tenants, it’s not sustainable in the long run.”

It comes as Premier Annastacia Palaszczuk said housing would need to be a key topic of discussion at the June 17 national cabinet meeting with state leaders and new Prime Minister Anthony Albanese.

“Housing stress is an issue nationally ... so I obviously do expect that when we have our national cabinet meeting in the very near future, we will also be discussing these pressures that are being experienced across the nation,” she said.

Asked if the Queensland Government would do more in its June 21 budget that might assist people to stay in private rentals, she said it was a “very complex issue”.

“The prices are going up,” she said.

“It is a very difficult situation.

“Some people are having to move out of their housing, market prices are going up, these are pressures that are being felt nationally.”

For renter Annabel Skinner, 22 from Newmarket, securing her rental 12 months ago was a challenge after mass-applying for a number of houses.

“We applied for so many places before we were accepted. We were forced to offer over the asking price because we just weren’t hearing back from anyone,” she said.