Kangaroo Point Renters Face Tough Choices As Leases End, Vacancies Tighten

Renters in Kangaroo Point whose leases expire in July face renewal notices that add $80 a week on average, pushing many toward shared housing or buyer inquiries.

The squeeze follows a June vacancy rate of 1.8 percent recorded by the local real estate institute, the lowest figure since 2023, while median unit prices climbed to $685,000.

Local Market Pressure Points

Properties along River Terrace and near the Kangaroo Point Cliffs have seen the sharpest competition, with agents reporting multiple applications per listing within 48 hours of advertising. The Kangaroo Point Community Centre runs a weekly tenancy advice session that has doubled in attendance since March, while the Riverside Markets precinct has become an informal hub where displaced renters trade leads on short-term rooms.

Buyers face their own hurdles: a three-bedroom unit listed last week at 14 Leopold Street required an 18 percent deposit after banks tightened serviceability rules in May.

Options When Renewal Arrives

Tenants can request a fixed-term extension of six months before the notice period ends, or register for the council's rental bond assistance program that covers up to four weeks' rent for households earning under $95,000. Others are inspecting properties further from the river but still within walking distance of the ferry terminal at Thornton Street. Data from the institute shows that units purchased in 2024 now carry weekly mortgage repayments of $920, still above current asking rents of $720 for comparable stock. Renters who act before the final week of their lease retain the strongest negotiating position with current landlords, while those who wait risk paying short-stay rates that exceed $1,100 a week.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.