Australia is in the midst of a rental crisis; South East Queensland and the Gold Coast are among those hit hard. Construction delays, fewer investor-owned properties (many sold up and cashed in during the boom), higher mortgage rates & tightened conditions and other market uncertainties are putting pressure on the rental market.
The result is low rental stock and record low vacancy rates which combined are pushing up rents to unprecedented levels
Across the Gold Coast SQM Research reported the highest growth in weekly rents was in the Hinterland and Northern Suburbs of the Gold Coast recording a 12-month rent increase of 33.7% and 33.6% respectively, while the Central GC saw rents increase by up to 29.9% and the suburbs of the Southern GC by 20.4%. The Northern Gold Coast is also the region with the highest vacancy rate 0.8.
We've listed the suburbs with the highest and the lowest vacancy rates, so those suburbs where you're most and least likely to find a rental, as well as the suburbs with the cheapest and most expensive rents on the Gold Coast.
Gold Coast suburbs with the Lowest Vacancy Rates
1. Labrador & Southport – 0.2%
2. Currumbin, Currumbin Waters & Currumbin Valley – 0.4%
3. Mudgeeraba, Bonogin, Tallai, Worongary, Springbrook, Austinville – 0.4%
4. Reedy Creek, Varsity Lakes – 0.4%
Gold Coast suburbs with the Highest Vacancy Rates
1. Helensvale, Hope Island, Sanctuary Cove – 1.6%
2. Surfers Paradise, Bundall, Chevron Island, Isle of Carpri, Main Beach - 0.9%
3. Broadbeach, Broadbeach Waters, Mermaid Beach, Mermaid Waters – 0.9%
4. Miami, Burleigh Heads, Burleigh Waters – 0.8%
Suburbs on the Gold Coast with the Lowest Rents
Lowest median weekly rent HOUSES:
1. Pimpama – $560
2. Ormeau – $600
3. Ormeau Hills – $600
4. Coomera – $610
5. Nerang – $610
Lowest median weekly rent UNITS:
1. Ormeau – $430
2. Nerang - $450
3. Oxenford - $450
4. Labrador - $480
5. Pimpama - $480
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Suburbs on the Gold Coast with the Highest Rents
Highest median weekly rent HOUSES:
1. Clear Island Waters - $1,400
2. Surfers Paradise - $1,325
3. Mermaid Beach - $1,200
4. Broadbeach Waters - $1,100
5. Currumbin Valley - $1,100
Highest median weekly rent UNITS:
1. Benowa - $675
2. Miami - $665
3. Mermaid Beach - $650
4. Burleigh Waters - $650
5. Robina - $650
Need help finding a rental on the Gold Coast?
We can help with that! Are you ready to find your home in the Gold Coast or Northern NSW but can't fly back and forth at the drop of a hat? Let us help you find your dream property. We can manage the entire process of finding and inspecting suitable properties or, if you just need help with the inspections, we can do that too.
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What is a vacancy rate?
The vacancy rate for an area is the percentage of the rental properties in that area that are unoccupied at a particular time. For example, if there are 100 rental properties in a suburb and 1 of those properties is vacant when the calculation is made, the vacancy rate is 1%.
A vacancy rate of around 3% is considered healthy because it indicates a market balance between tenants and listings. A vacancy rate lower than 1% signifies a super tight rental market, where the demand for rentals far outstrips the number of available rentals.
Sources & disclaimer: We have, in preparing this article, used multiple information sources including realestate.com.au, CoreLogic and SQM Research. We have made our best efforts to ensure that the information contained herein is true and accurate but accept no responsibility and disclaim all liability in respect of any errors, omissions, inaccuracies or misstatements that may occur
