³Ô¹ÏÍøÕ¾ housing campaign Everybody’s ³Ô¹ÏÍøÕ¾ says a growing number of renters are reaching breaking point, with new analysis revealing some Brisbanites are paying as much as $185 extra per week in rent compared to a year ago.
Everybody’s ³Ô¹ÏÍøÕ¾ has analysed the SQM Research Weekly Rents Index for combined units and houses in Brisbane.
Over the past year, asking rents have increased between about 18 per cent and 37 per cent. Meanwhile, vacancy rates across Brisbane are sitting at or below 1.1 per cent.
The figures show tenants in Inner Brisbane are set to fork out more than $9,600 extra per year in rent at the current asking price, while Ipswich renters will be $4,400 worse off.
Region | Asking rent Feb 23 | 12 month change in weekly rent | Vacancy rate Jan 23 |
Inner Brisbane | $685 | $185 or 37% | 1.1% |
Brisbane CBD | $672 | $156 or 30.3% | 1.1% |
West Brisbane | $588 | $116 or 24.6% | 0.8% |
Southern Brisbane | $561 | $110 or 24.4% | 0.9% |
East Brisbane | $703 | $132 or 23.1% | 1% |
Ipswich | $477 | $86 or 21.9% | 1.1% |
Beenleigh Corridor | $578 | $96 or 20% | 0.6% |
Northern Brisbane | $578 | $91 or 18.6% | 0.6% |
South East Brisbane | $656 | $101.52 or 18.3% | 1% |
*week ending 28 February 2023
Everybody’s ³Ô¹ÏÍøÕ¾ spokesperson Maiy Azize said the consequences of government inaction will only worsen.
“More renters in Brisbane are being priced out of having their basic need for a home. Many are being forced to skip meals, avoid going to the doctor, and get into debt spirals just to pay the rent.
“There’s only so much people can afford to pay in rent. Right now, there’s no end to the housing crisis in sight. Politicians can’t keep leaving it to chance, hoping we’ve reached a tipping point. The sad reality is rents will keep climbing without government action.
“With interest rates set to rise again this week, renters could be faced with another increase and unlike landlords, they don’t get tax handouts to help them stay afloat.
“We also need the Federal Government to make a major investment in social housing. Australia needs to build at least 25,000 new social homes each year to end our shortfall.”
