Rents Remain Steady In Queensland

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Median rents for much of the state remained steady over the March quarter despite the floods and Cyclone Yasi. However, Gladstone rents have continued to climb.

When compared to the March quarter last year, 2011 Residential Tenancies Authority figures showed that median rents for two bedroom properties remained unchanged in several including Cairns, the Gold Coast, Rockhampton and the Sunshine Coast.

However, in Gladstone median rents continued to rise significantly. Weekly rents increased by $50 for two bedroom units and $75 for three bedroom houses. The REIQ said demand for rental accommodation was strong in Gladstone due to the development of liquefied natural gas in the region.

Other areas including Toowoomba and Ipswich saw only minor increases of between $5 to $10 per week for two bedroom units and three bedroom houses.

While median weekly rents increased significantly in some Brisbane suburbs directly affected by the floods, Brisbane as a whole generally saw steady rents.

Brisbane also recorded a drop in the total number of bonds lodged at the start of the year as many renters chose to stay put after the disaster.

Median rents are updated quarterly and statistics for more locations and dwelling types are available on the Median Rents page of the RTA website www.rta.qld.gov.au

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