Brisbane units are now more expensive to rent than Melbourne units, according to Domain's latest quarterly report.
During the December quarter, unit rents in Brisbane rose 1.3% to $ 400. For the first time in five years, unit rents in Brisbane exceeded those in Melbourne, where rents fell 3% to $ 388.
The rent increase in Brisbane has come even with relatively weakened demand for apartments in city centers due to the lack of migrants and tourists from overseas.
House rents in Brisbane also hit a new record, rising 2.4% to $ 425. The two consecutive quarterly gains resulted in the largest annual increase in seven years for homes.
Overall, demand for rental housing in Brisbane has remained strong, driven by a move to Brisbane amid COVID-19 and the resumption of short-term local and interstate travel. This could potentially tighten the city's vacancy rate and push rents even further in the months to come.
"A booming job market and places to live will continue to experience accelerated demand, factors that could lead to significant rent increases," the report says.
Top suburbs:
Collingwood
,
Marrickville
,
south cardiff
,
Wall
,
Belmont
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