Dr Powell said Brisbane first-home buyers were better off than their counterparts in other capital cities. Photo: Bradley Kanaris Brisbane’s cheapest – and most expensive – suburbs to rent in have been revealed.
New research from the Domain Group shows acreage suburbs like Pullenvale, Brookfield and as far flung as the Samford Valley are commanding the highest rents in the entire city, with some as high as $870 a week.
Perhaps most surprisingly is Brisbane’s most expensive suburb to rent a unit: Carindale, a well-serviced commuter hub 10km east of the city centre.
Ms Douglas said she wasn’t surprised Carindale was the most expensive place to rent in Brisbane. Photo: Robert Shakespeare
Domain Group data uncovered the figures in the quarterly rent report, which also showed median rents and vacancy rates in Brisbane were flat on last quarter’s figures, except vacancy rates, which fell slightly.
The rest of the top five suburbs for units rent followed a more predictable pattern. Brisbane City, Teneriffe, Newstead, and Bulimba filled spots two to five.
Agents say Carindale isn’t a bolter for the title. Rather, it’s the subject of another classic case of supply and demand.
The Carindale shopping center and popular schools make the suburb a popular option for families. Photo: Robert Shakespeare
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Ray White Bulimba‘s Tanya Douglas said Carindale was one of the tightest held locations for rentals in all of Brisbane.
“It’s pretty obvious,” Douglas said. “In the city, not as many families live there. But out there you’ve got whole communities in the one spot.
“There’s nothing you need that you can’t get in that area. It’s a really hot area.”
The attraction of Carindale and the surrounds was helped along by two highly regarded schools, Mansfield State high and Citipointe. Ms Douglas said families went to the area for the schools and never left.
“If we get something to lease out there, we lease it immediately and the investor really gets good coin,” she said. “In some areas you have to advertise, advertise, advertise whereas people really want to live there.”
Another driver for high rents were particularly good quality units, Ms Douglas said. “They’re also like home units, they have big balconies, the lobbies have courtyards.”
Household rents had similarly surprising results, with fifth most-expensive suburb Pullenvale by far the most expensive for rent in the city. The median weekly rent there was $870, followed hy Chelmer with a median rent of $753.
Next was Samford Valley and Brookfield with Bulimba rounding out the top five. Missing were Ascot and New Farm, the top two most- expensive buying medians in Brisbane but Ms Douglas said it was much more common for people to rent out west.
“I think people come back from Brisbane who want a change and they want to try something new,” she said. “So they might say let’s try Chandler and let’s try Brookfield. It’s a real lifestyle change.”
The demographics in the western Brisbane suburbs also leaned toward more wealthy renters who were after acreage, Ms Douglas said. “It attracts a lot of people who are into horses.”
As to why New Farm and Ascot were absent on the list, Ms Douglas said the postcodes were filled with owner-occupiers and relatively few renters. “If they’re renting it’s while they build,” she said. “They stay here for a couple years but not much longer than that.
“But houses in Bulimba under a $1000 a week fly out the door too.”
On the other hand, the cheapest places to rent for both houses and units were almost exclusively on the fringes of the Greater Brisbane region.
East Ipswich and Ipswich were the top two for houses and Ipswich and Booval for affordable units. Median rents were under $300 dollars for each of the affordable suburbs.
