Townsville rent prices continue to soar
Townsville rents have shot up more than 12 per cent in the past year, new data has shown, with local tenants forking out just $125 less than their Brisbane counterparts on average.
Townsville rents have shot up more than 12 per cent in the past year with local tenants forking out just $125 less than their Brisbane counterparts on average.
The latest PropTrack Market Insight Report showed the median rent in Townsville was sitting at $495 per week in September.
This was up 2.1 per cent in the September quarter and 12.5 per cent since September 2023.
Townsville house rents were sitting at a median of $520 per week, up 4 per cent for the quarter and 10.6 per cent year-on-year.
In the unit market, the average rent was $400 per week last month, with no change for the quarter but a 12.7 per cent increase across the past 12 months.
PropTrack Director of Economic Research, Cameron Kusher said in regional Queensland the average advertised rent rose above Brisbane to sit at $625 per week, up 8.7 per cent annually.
Regional Queensland unit rents were up 11.1 per cent over the year to sit at $600 per week, while house rents increased 8.3 per cent to $650 per week.
“Across all markets, regional Queensland rental prices are now behind only Sydney ($730) and Perth ($650),” Mr Kusher said.
In Brisbane, median advertised rents were unchanged over the quarter at $620.
“They were 6.9 per cent higher than September 2023, which marked the weakest annual growth since March 2021,” Mr Kusher said.
“Brisbane house rents rose by 8 per cent, or $48, over the year to sit at $648 per week, outperforming unit rent growth of 5.5 per cent, or $30, over the year to sit at $580 per week.”
The PropTrack report found national median weekly advertised rents were $610 in September, up 1.7 per cent for the quarter and 7 per cent year-on-year.
This represented the weakest annual rental growth since September 2021.
“While the cost of renting remains higher than a year ago, the pace of price growth has slowed,” Mr Kusher said.
“This reflects an easing of rental market pressures, which we expect to continue.
“With more stock available for rent, and the cost of renting rising at a pace above inflation over recent years, the capacity to pay rent is now impacting demand.”
Mr Kusher said Sydney remained the most expensive capital city to rent a home, with the median advertised rent unchanged over the quarter and 5.8 per cent higher across the year, taking rents to $730 per week.
“Perhaps surprising to many would be the fact that the median advertised rent in Melbourne, at $570 per week, was cheaper than all other capital cities except Hobart,” he said.
“Although the pace of rental growth is slowing and more stock is available for rent, supply remains low.
“However, we anticipate more balanced conditions in the coming months.”
ANNUAL CHANGE TO WEEKLY MEDIAN RENTS
Townsville dwellings: $495 (+12.5%)
Townsville houses: $520 (+10.6%)
Townsville units: $400 (+12.7%)
Brisbane dwellings: $620 (+6.9%)
Brisbane houses: $648 (+8%)
Brisbane units: $580 (+5.5%)
National dwellings: $610 (+7%)
Originally published as Townsville rent prices continue to soar