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51
The Private Practice
Spring 2013
The latest rental vacancy rates
data,producedbytheOfficeof
Economic and Statistical Research
Queensland, indicates a current
imbalance between supply and
demand for rental dwellings within
inner Brisbane.
The inner Brisbane vacancy
rate was 2.2% at the end of the
June quarter 2012, registering a
significantly lower vacancy rate
than the Brisbane Surrounds and
Queensland Benchmark.
The inner Brisbane vacancy rate
has demonstrated a solid declining
trend since the June 2009 quarter.
This decline was subsequently driven
by a lack of new dwellings entering the
market, further adding to the supply
and demand imbalance.
With population growth
continuing to remain strong for the
region and dwelling supply remaining
low, it is probable to expect that
the inner Brisbane vacancy rate will
remain tight in the short term
­ a positive sign for investors.
KEY INSIGHTS
·Theestimatedresident
population within inner Brisbane
increased by 3.7% per annum
over the 10 years ending
2011. This compares to the
growth of the wider Brisbane
local government area, which
recorded a growth of 2% over
the same period.
·Incomparisontothisgrowth,
the Bowen Hills catchment
(madeupoftheBowenHillsand
Fortitude Valley statistical local
areas)recordedapopulation
growth of 7.4% per annum over
the 10-year period ending 2011.
·The$2.9billiondevelopment
of the Brisbane Showground
Masterplan will be a core driver
of capital price and rental
growth, through structural uplift,
in the suburb of Bowen Hills.
·InfrastructuresuchastheAirport
Link and the Northern Busway
will provide residents of Bowen
Hills with an ease of access to
significant employment nodes
and amenities.
·ThesuburbofBowenHills
is located less than three
kilometres from Queensland's
largest employment node, the
Brisbane CBD.
·Thestate'slargesthospitaland
major employment node, the
Royal Brisbane and Women's
Hospital, is directly adjacent to
the Brisbane Showgrounds.
Source: Urbis Residential Market
and Economic Outlook, Queensland,
Brisbane and Brisbane Showgrounds
June 2013
Residential Rental Apartment Rates
Dwelling Approvals v Population Growth