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Gold Coast Rental Rates
Posted: 26th June 2019
Posted in: News
Tenants are facing rental rate hikes despite having more properties available to them on the Gold Coast in almost a decade.
New data revealed in CoreLogic’s Quarterly Regional Market Update, released today, shows advertised median weekly rents have jumped 5.7 per cent for a house and 3.7 per cent for a unit in the past year.
“Rental growth across the region has increased over the past year, with the advertised median weekly rental rate up $30 per week for houses and $15 per week for units,” the report said.
The Gold Coast’s median weekly rental rate in the December quarter was $560 for a house and $425 for a unit.
It comes a week after Real Estate Institute of Queensland figures showed the number of rental properties available on the Coast was at a seven-year high.
CoreLogic research analyst Cameron Kusher said migration to the Gold Coast was behind the increase as many people rented before buying to determine where they liked to live.
“They’re coming up and renting first so they’re creating rental market pressure,” he said.
“I don’t think it’s a particularly affordable market at this point.
“The rent tenants are paying on the Gold Coast are higher than those in Brisbane.”
Latest data from the Residential Tenancies Authority shows suburbs in the 4217 postcode, including Benowa, Bundall, Main Beach, Sorrento and Surfers Paradise, were the most expensive areas to rent, with $880 the median price per week for a four-bedroom house.
The cheapest place to rent was the 4211 postcode, which included Carrara, Gaven and Nerang, with a $220 median price per week for a one-bedroom unit.