Every Qld suburb: What your rent could be in 2024

The Queensland suburbs where rents are forecast to increase the most by 2024 have been revealed in an exclusive new report. SEARCH FOR YOUR SUBURB.

The Queensland suburbs where rents are expected to increase the most by 2024 have been revealed in an exclusive new report that predicts more pain for tenants, with the cost of leasing a home set to jump as much as $170 a week.

Renters on the Gold Coast and in Brisbane’s inner suburbs are forecast to be the hardest hit come January — a time when many leases are due for renewal, according to the research by property analytics firm, Suburbtrends.

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Surfers Paradise is expected to see the biggest rise in the median house rent by 2024.

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Renting a house in Surfers Paradise and the surrounding suburbs of Broadbeach and Isle of Capri is set to become more expensive than anywhere else in the state in six months’ time, with the median rent forecast to climb $170 a week to $1,145.

The neighbouring Gold Coast suburbs of Chevron Island, Main Beach, Southport and Paradise Waters are predicted to experience the second biggest weekly rise in rents in Queensland in 2024, according to the report.

This three-bedroom house at 32 Pine Ave, Surfers Paradise, is available to rent for $1250 a week.

In Brisbane, the report predicts the median rent to increase $19 a week for a house and $24 a week for a unit — the price of a gym membership, bringing the median weekly house rent to $639 and the median weekly unit rent to $519 in 2024.

Houses in New Farm are set to become nearly $60 a week more expensive to rent come January, while the median hosue rent in neighbouring Fortitude Valley is forecast to rise by $53 a week in six months’ time.

This three-bedroom house at 32 Charles St, New Farm, is available to rent for $1450 a week.

Both house and unit rents in Kangaroo Point are predicted to increase $54 a week come January.

Only 27 of the suburbs analysed across the state are tipped to experience a reduction in median rents in six months.

Suburbtrends director Kent Lardner said the data clearly showed renters in most suburbs were facing “significant increases” in the coming months.

Suburbtrends founder Kent Lardner.

“Renters are in a precarious position,” Mr Lardner said. “The rental crisis we’re facing is the result of more than 30 years of neglect by successive governments. It’s a complex issue with no easy solutions.

“It’s crucial that renters are aware of these potential increases and plan accordingly.”

But Mr Lardner said regulatory measures like rent capping were not the answer.

“Rent controls can seem like an attractive solution, but they carry significant risks,” he said.

This two-bedroom apartment at 1310/18 Thorn St, Kangaroo Point , is available to rent for $750 a week.

“If not carefully implemented, these measures could potentially diminish the number of available rental properties, inadvertently drive gentrification, and create adverse effects on the local community.”

The modelling used rental data from the six months to January 2023, creating projections for June 2023, which allowed Suburbtrends to theoretically peer six months into the future.

The research was refined by removing any regions with less than 20 per cent rental tenure or fewer than three rental listings, and excluded locations with a vacancy rate of 2.5 per cent or higher.

This five-bedroom house at 3 Brindisi Ave, Isle of Capri, is available to rent for $1900 a week.

A new report from PropTrack reveals rental market pressures are showing signs of easing in Brisbane, as more listings come to market and demand moderates.

The report found the number of new rental listings in Brisbane on realestate.com.au increased 8.3 per cent year-on-year in June.

Despite the added supply, vacancy rates remain extremely tight at 1.1 per cent, with median rents rising nearly 15 per cent in the past year.

“With stock still limited, rental properties in Brisbane are being snapped up just 18 days — the third quickest of all capital cities,” the report said.

This five-bedroom house at 17 Cook Close, Southport, is available to rent for $1200 a week.

It’s better news for renters in regional Queensland, with the number of enquiries per rental listing falling 36 per cent in the past year, according to PropTrack.

As demand subdues, regional buyers are also enjoying more choice, with the number of new rental listings increasing 13.3 per cent year-on-year.

Ray White chief economist Nerida Conisbee said the rate of increase in advertised house rents was starting to slow, but she was not seeing a similar trend in apartments.

Ray White economist Nerida Conisbee.

“Although it is good news that advertised rents are starting to slow, we will continue to see increases in sitting rents as the last two years of advertised rent rises flow through to existing tenants” Ms Conisbee said.

“The rental crisis is easing, but it isn’t yet over for many tenants. In addition, rental increases will continue to create pressure on inflation for some time longer.

“We are not yet at the end of the rental crisis but once it is over, we need to continue to look at ways to prevent similar flare ups in pricing occuring again. Primarily this means ensuring better supply of rental housing through measures such as planning reforms, incentives to owning rental properties and diversification of ownership such as build-to-rent.”