The Gold Coast’s rental market has plunged further into crisis, with rents soaring to new highs as potential tenants battle for a dwindling supply of available properties.
Exclusive new data reveals rental prices across all dwelling types in the city increased 20 per cent over the last 12 months to June — the nation’s second-highest growth rate behind Geelong in Victoria.
PropTrack’s quarterly Rental Report paints a bleak outlook of mounting pressure as demand continues to outstrip supply, while existing tenants stay put rather than risk homelessness.
Mermaid Beach — otherwise known as Multimillionaire’s Row — was the state’s most expensive market, with the medium price of $2,225.00 per week with some houses advertised for as much $6000.00 per week.
Surfers Paradise, Clear Island Waters and Broadbeach Waters were also among Qld’s top ten priciest rental suburbs, houses achieving a median rent of $1,850.00 per week or more.
And rents were up from the Hinterland to the beaches, with annual growth of 48 per cent in Springbrook to a median of $675, and 44 per cent in Mermaid Beach.
Rent increased 33 per cent for houses in both Currumbin Valley and Surfers Paradise, where tenants paid $1,000 and $1,200 respectively.
For units, prices climbed 32 per cent in Bundall to $620, followed by Runaway Bay, Burleigh Waters and Palm Beach.
Rising interest rates would put further pressure on the rental market, with many landlords already “hedging their bets” by raising rents.
Investors see that if they are on a variable rate, it’s only a matter of time before their repayments increase and they will have to rise to the market, so they are already putting the rents up, but also rents are going up simply because of the rate of competition for homes available.
We hear all the time from tenants who are really worried about finding their next home.
They turn up to an open home inspection and get so discouraged when there are 60 other people there that some of them just turn around and leave.
We try to help people as much as we can, but the reality is there’s just not enough homes available to meet demand.
