Brisbane's investment property shortgage means fewer vacancies, and soaring rents

Brisbane rental market is reaching crisis point, with new figures revealing fewer vacancies and rent rises of more than $100 per week.
Rents across the city have jumped 50 per cent in five years and reports of prospective tenants bidding for their rental properties have increased.
The Residential Tenancy Authority figures revealed inner-city and Fortitude Valley area rents spiked 38 per cent from $275 in June 2002 to $380 in June 2007.
South Brisbane rents rose from $210 to $310 in five years.
Queensland University of Technology president Daniel Doran said a ‘‘massive amount’’ of students had complained of having to bid for rent to secure a dwelling.
‘‘This doesn’t help students with already high levels of HECS debt, and as a result we’ve noticed a rise in emergency food vouchers,’’ he said.
Raine & Horne principal Darren Dollimore said young adults, particularly students living in inner-city areas, were being hit hardest, with rates rising $10-$60 every three months.
Housing Minister Robert Schwarten said escalating rents and a shortage of properties meant rent-bidding was a concern.
A report released today by industry analyst BIS Shrapnel said the demand for 44,000 new houses last year had not been met, with only 39,000 being built.
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