Rental listings have fallen across all Gold Coast suburbs as continued high levels of interstate migation and skyrocketing property prices put the squeeze on tenants.
REA Group data paints a stark picture of the city’s deepening rental crisis, with rental listings on the Gold Coast down a staggering 45.1 per cent since last year.
The figures show no annual growth in the volume of rental listings on realestate.com.au in any local suburb in the 12 months to July, compared with 2019/20.
REA Group economic research director Cameron Kusher said: “There has been a significant tightening in the availability of rental stock on the Gold Coast over the past year, reflecting strong demand for rental accommodation across the region.”
Latest data by SQM research shows residential vacancy rates hit 0.9 per cent in July, just slightly above the previous month’s record low of 0.7 per cent.
Rentals were tightest in the southern suburbs, with just 0.4 per cent vacancy; while the north Gold Coast sat at 0.6 per cent.
But there may be hope yet for search-weary tenants, with spring traditionally the season of movement within the property market and new rental listings up 4.7 per cent from the previous month, finally bucking the downwards trend.
Surfers Paradise Ray White director Andrew Bell said the rental crisis had been exacerbated through 2020/21 as owner-occupiers dominated the property market.
A recent return of investors had been concentrated in the mid-range apartment market and was yet to have significant impact on rental demand, he said.
“We are just starting to see investors come back into the market, but generally they are buying perhaps an apartment for $500,000 or $600,000. These investors are not buying luxury properties and the strongest demand in the rental market right now is for high-end properties,” Mr Bell said.
Families and high net-worth individuals moving to the Gold Coast and seeking to rent while looking for a property to purchase were driving demand, he said.
Kasey McDonald, head of leasing at property management agency :Different, said spring could also prove an anxious time of year for existing tenants if the owner of their rental home decided to sell.
“As spring rolls around for the real estate industry, we know it’s a busy time and especially on the Gold Coast where it is a hot market with lots of inquiry and people looking to buy,” Ms McDonald said.
“For a tenant, it’s about them understanding what their rights are when a property does come up for sale.”
REA Group’s suburb breakdown shows listings fell 73 per cent since last year in Currumbin Valley, 45 per cent in Tamborine, 43 per cent in Currumbin, and 42 per cent in both Tugun and Tallebudgera.
And available rentals in Maudsland, Reedy Creek, Upper Coomera, Ashmore and Coomera all fell between 35 and 39 per cent.
When it came to where tenants want to live, surfside hotspot Burleigh Heads maintained its allure, pulling in an average of 5,365 website views for every house listed for rent.
Palm Beach was also top of wish lists, with 5,231 views per listing, followed by Burleigh Waters, Pacific Pines, Miami and then Pimpama.
SUBURBS WITH MOST RENTAL LISTINGS
Upper Coomera 535
Hope Island 279
Palm Beach 264