Rental Vacancy Rates
SQM Research revealed: national residential property rental vacancy rates remained steady over the month of May 2023 at 1.2%.
• Rental vacancy rates were steady in Brisbane at 1.0%.
• Rental vacancy rates in the Brisbane CBD also increased rapidly to 2.0% over May. 
Over the past 30 days to 12 June 2023, the capital city asking rents rose by 0.6% with the 12month rise standing at 19.4%. Capital City house rents rose by 1.1% and are recording 12 month increases of 17.1%, while unit rents have risen by 0.2% for the past 30 days and are higher by 22.1% for the past 12 months.
The median rent for a Brisbane house is $676.8 per week while the median rent for a unit is $533.94 a week.
Louis Christopher, Managing Director of SQM Research said: “Rental vacancy rates were largely steady for the month, notwithstanding another rise in Sydney and Hobart. While there has been some easing in rental conditions especially in regional Australia, it is still very much a landlord’s market for most capital cities. We note though the recent increases in CBD rental vacancy rates. Especially for the Sydney CBD. We will keep noting such areas so tenants can continue to understand areas that may now be experiencing relatively less rental stress.”
Property Value
CoreLogic’s national Home Value Index (HVI) has recorded a third consecutive monthly rise, with the pace of growth accelerating sharply to 1.2% in May. After finding a floor in February, home values increased 0.6% and 0.5% through March and April respectively.
Brisbane property market has recorded 3 consecutive rises in value, the latest lift of 1.4% in May takes the recovery trend 1.8% higher since February.
Advertised stock levels remain extremely low, tracking 40% below the previous 5 year average at the end of May. Number of home sales has risen to be 6.1% above the 5 year average.
Brisbane values are -9.4% below the June 2022 peak.
Suburb Highlights– Eight Mile Plains May 2023
According to realestate.com.au, last month, Eight Mile Plains had 52 properties available for rent and 53 properties for sale.
Median property prices over the last year range from $1,166,500 for houses to $525,000 for units.
Median rental prices: Houses in Eight Mile Plains rent out for $650 per week with an annual rental yield of 3.2% and units rent for $520 per week with a rental yield of 5.0%.
Based on five years of sales, Eight Mile Plains has seen a compound growth rate of 6% for houses and 9.4% for units.
Sources:
SQM Research. (2023). National Vacancy Rate. Accessed from: https://sqmresearch.com.au/uploads/14_06_23_National_Vacancy_Rate_June_2023_Final.pdf
CoreLogic. (2023). Hedonic Home Value Index 1 June 2023. Accessed from: PowerPoint Presentation (corelogic.com.au)
REA Group. (2023). Eight Mile Plains Suburb Profile. Accessed from: https://www.realestate.com.au/qld/eight-mile-plains-4113/
CoreLogic. (2023). Brisbane Housing Market Update | June 2023. Video [YouTube]. Accessed from: https://www.youtube.com/watch?v=BmKRlQ4VTlo
