Worst Rental Crisis In Decades

In pleasing signs for landlords in South East Queensland, agents say the Gold Coast rental shortage is the worst they have seen.

Increasingly desperate tenants are offering tens of thousands of dollars rent in advance as the Gold Coast faces the most severe rental crisis in decades.

Just 0.9 per cent of the city’s stock of properties for rent are available — a record low that is gold for landlords but is pushing prospective tenants into increasingly desperate tactics to secure a place to live.

CoreLogic research director Tim Lawless said there was no sign of the Coast’s growth slowing down.

“The Gold Coast housing market has well and truly emerged from the soft conditions that were evident post GFC,” he said.

“Prices and buyer demand have generally been trending higher since 2012.”

CoreLogic data shows Gold Coast houses had a stronger overall rate of price appreciation, with the median house price up 5.5 per cent over the past 12 months and 16 per cent over the past five years, compared with the unit market where prices were 4.1 per cent higher over both the past 12 months and five years.

Mr Lawless said the most strategic places to invest on the Coast were close to the water and working nodes.

“Investment locations tend to be synonymous with scarcity and ongoing demand,” he said.

“Locations close major rental and working nodes are generally in high demand, however buyers should also examine how much unit supply can be introduced within proximity.”

The 200 hectare Gold Coast Health and Knowledge Precinct (GCHKP) is a rapidly growing vibrant community where people can live, learn, work and grow.

The knowledge hub is already home to the new state-of-the-art Gold Coast University Hospital and world-class Griffith University.

As hosts of the 2018 Commonwealth Games the Gold Coast is establishing the $550 million Games Village through private developer Grocon within the precinct. This will act as a catalyst for bringing together stakeholders within the precinct through the legacy of a permanent mixed-use residential community with more than 1200 dwellings.

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Have a great weekend and catch you next week!

Warm Regards,

Troy Gunasekera National Manager