Regional Queensland rents in December 2024 quarter rise to Brisbane prices

Weekly rental prices across regional Queensland have surged to the same level as in Brisbane.

Rental prices in regional Queensland have skyrocketed to the same level as in Brisbane, with the median advertised rate in the city and the bush now $630.

Weekly rents in Brisbane rose five per cent in the year to December while regional Queensland prices spiked 8.6 per cent, making it the most expensive regional area in the country to rent.

Real estate analyst REA Group’s latest Group Market Insight reveals Brisbane was one of only two capital cities that had a rise in rental prices over the final quarter of 2024.

Areas outside of Brisbane saw spikes in house and unit prices at the end of the year, making regional Queensland the most expensive regional area to rent in across Australia. Picture: Stephen Brookes

Brisbane’s dwelling rents grew by 1.6 per cent over the 2024’s December quarter; beaten only by a 3.3 per cent rise in Canberra.

Meanwhile, dwelling rents for every other capital city remained stagnant, at a 0 per cent quarterly change.

Overall Brisbane weekly rents rose by $30, or 5 per cent, in 2024, with the median advertised rent now at $630 a week.

Paul Ryan, senior economist at REA Group, said rising immigration to the Sunshine State was impacting rents and contributing to their rise.

“I think Brisbane is a market that has seen big shifts since the pandemic, and we’re still seeing the result of that,” he said.

“There’s still a lot more people moving to Brisbane than before the pandemic, and that’s continuing to put pressure on housing prices and rents.”

Among Brisbane’s dwellings, units had a much larger spike than houses. While house rents increased by 1.6 per cent in the December quarter, rents had more than double that growth, having risen by 3.5 per cent.

Mr Ryan said while rising prices were a problem for renters, it also meant properties were taking longer to lease: giving renters more opportunity to choose between locations.

Senior Economist at REA Group, Paul Ryan, said his team hoped rental prices in 2025 will rise relative to income growth.

Brisbane’s quarterly results were outperformed only by the ACT, with a 5.5 per cent growth for units.

Meanwhile, regional Queensland’s dwelling rents saw the highest yearly growth out of Australia’s regional areas, at an 8.6 per cent increase to $630 a week.

This made regional Queensland the most expensive regional area to rent in as of 2024’s end, with regional WA coming in second at $620 a week.

While regional Queensland houses saw an 8.6 per cent increase, units in the area saw an even bigger spike with a 13.2 per cent increase over the year.

By December 2024, the median weekly rent for houses across the whole of Queensland was $650, with unit prices at $600.

Rental prices in capital cities like Sydney and Melbourne continued to remain flat, having now remained stagnant for six months.

Over the quarter, dwelling prices across the nation increased by 1.6 per cent, with Australia’s rents having risen by 6.9 per cent since December 2023.

Mr Ryan said overall rents had been growing at their slowest pace since 2021, with Adelaide, Brisbane and Perth having shown some of the strongest housing conditions.

“This weight of housing demand is still impacting the housing market, but it has been slowing,” he said.

“Hopefully for the year over 2025, rents will perhaps grow closer to income growth, or perhaps a little bit less than income growth.

“We’re watching the start of the year really closely, to understand where these markets are at.”

Brisbane is one of only two cities to see rising rental prices over 2024’s December quarter.

Tenant Nikita Lawrence lives with a housemate in Brisbane’s Everton Park to stay within her rental budget, and said it was difficult to find affordable places on a single person’s budget.

“I do feel like if you’re a single person, it is definitely more out of reach, compared to families with two or three more members,” she said.

“Rent is one of those things that gets paid first — that’s the first thing that comes out of my wage.”

Ms Lawrence moved from her last home in Brisbane’s Hamilton six months ago, and said she had difficulty adjusting to the cheaper but less convenient location.

“I definitely am a city girl, so I do miss that lifestyle,” she said.

“But that’s what you’ve gotta toss up with payments – is it worth that extra money to live that lifestyle, or bring it back a bit?’

With rising interest rates and a moving population, Ms Lawrence said Brisbane was catching up with other major cities in terms of their price range.

“A lot of people I feel are leaving the other cities because it’s becoming unaffordable,” she said.

“The gap is definitely narrowing – I still believe the [rising] rents will continue for a period of time.”

Originally published as Regional Queensland rents in December 2024 quarter rise to Brisbane prices