Brisbane real estate: Full list of cheapest rentals by suburb revealed

Brisbane’s rental prices have continued to climb during Covid. Here are the cheapest inner-city and suburban neighbourhoods for renters.

Brisbane tenants face more hip-pocket pain amid a hot rental market that’s defying the pressures of Covid.

New data from property research firm CoreLogic shows the median rental price for dwellings was more than 8 per cent higher in July when compared to the same time last year.

Houses lead the growth, with the median price rising more than 9 per cent, while the weekly cost of a typical unit grew more than 4 per cent.

CoreLogic’s head of residential research Eliza Owen said stock numbers for houses and units available for rent in Brisbane were tight, and that would be placing upward pressure on prices.

“At the moment we see about 10,000 listings on the market in total, and that’s 35 per cent below the five-year average.” Ms Owen said.

This.three-bedroom house at Errington Street, Moorooka is currently for rent at $440 a week. Moorka is among the cheapest suburbs to rent a house within 10kms of Brisbane’s CBD. Picture: Realestate.com.au

Ms Owen believed the demand for rentals, particularly in the case of houses, could be attributed to people needing more space to work from home, and interstate migration.

“Migration figures over the past year show there has been an uplift in movement from Melbourne to Queensland,” she said. “So that may have helped ease rental pressures across Melbourne and put upward pressure on Brisbane rents.”

“The other factors come back to income. So where you’ve had less lockdowns across Brisbane, Adelaide and smaller capital cities, that means that incomes have been less disrupted, which has supported rental growth.”

CoreLogic data has also revealed where it is cheapest to rent within 10 kilometres of Brisbane’s CBD.

Rocklea, where a typical house will set a renter back $427 a week, was found to be the most affordable, while Kalinga was the cheapest for smaller homes with a median unit price of $303 a week.

On the other end of the spectrum, Teneriffe had the highest median price for both houses and units at $920 and $560 a week respectively.

Renter activity is also on the rise, according to realestate.com.au data.

The figures showed that rental inquiries for Greater Brisbane properties were up almost 30 per cent year-on-year in July.

REA Group director of economic research Cameron Kusher said demand was particularly strong in areas including outer parts of Brisbane, the Gold Coast, the Sunshine Coast and even Toowoomba, while renters were turning their backs on inner-city apartments.

“There’s still not a lot of demand for inner-city apartments, and historically areas like Sydney, Melbourne and Brisbane have been the biggest rental markets for these properties,” Mr Kusher said.

“But what we’re finding the outer capital city markets are very tight; properties are renting very quickly and prices are rising, and it’s a similar story in a lot of the regional areas as well.”

Mr Kusher said the growth was likely caused by people moving out of the city amid the Covid pandemic.

“But I get the sense that some of those people aren’t fully committing to that, because when Covid is under control businesses may want staff to be in the office more frequently, so I guess there’s a reluctance to fully commit. And I suppose people want to try out living in those areas before they fully commit.”

Originally published as Brisbane real estate: Full list of cheapest rentals by suburb revealed