Invest
It is now more expensive to rent in the Gold Coast than Sydney: Domain
A spike in consumer lifestyle demand means it is now more expensive to rent on the Gold Coast than in Sydney, a new industry report has revealed.

It is now more expensive to rent in the Gold Coast than Sydney: Domain
A spike in consumer lifestyle demand means it is now more expensive to rent on the Gold Coast than in Sydney, a new industry report has revealed.

Stats released by Domain have revealed the exodus from Sydney is driving prices down as renters look for lifestyle destinations.
While Sydney housing rentals remain at a record high of $550 per week in March, the unit market has plummeted.
Unit rents held at $470 a week over the March quarter, a marked change following the decline over the previous three consecutive quarters.
Unit rents have recorded the steepest annual fall since Domain records began in 2004, tumbling 9.6 per cent, a $50 a week reduction, compared with the same period last year.
Domain senior research analyst Nicola Powell noted the strong sea change/tree change was seeing the Gold Coast and Sunshine Coast bearing the brunt of unprecedented interstate migration over the past three months.
Vacancy rates have sunk as low as 0.2 per cent, and house rent prices have rocketed by up to $75 a week in key suburbs.
“The rents now on the Sunshine Coast and Gold Coast are comparable to the expensive parts of the ACT and Sydney,” Ms Powell said.
According to the Domain report, house rents are rising at the steepest pace of annual growth in roughly 15 years. Sunshine Coast house rents have surged $80 above last year and $50 higher on the Gold Coast, to $580 and $560, respectively.
Unit asking rents on the Gold Coast have risen $25 over the year to $465 a week, and on the Sunshine Coast, $40 higher at $460.
“This (vacancy rate) is extremely low, to the extent I would say there’s a rental crisis in some of these areas,” she suggested, adding that “what will be happening on the ground is that prospective tenants are offering more (than the asking prices) because it’s so hard to find vacant property,” the economist told Domain.
The sharp uptick follows data released by the ABS in February which pointed to Australia’s capital cities having a net loss of 11,200 people in the last quarter of 2020, coinciding with the end of Australia’s first lockdown and the largest quarterly loss on record.
About the author

About the author


Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. ...Read more

Property
Labor’s ‘Help to Buy’ scheme not without its risks
With Anthony Albanese sworn in as Australia’s 31st PM, home buyers are excited at the prospect of accessing the new ‘Help to Buy’ scheme, but a property expert has warned that the risks may be g...Read more

Property
Australia's housing market is entering a ‘broad-based correction phase’
Westpac believes the housing market downturn is now underway. ...Read more

Property
ANZ now expects house prices will end the year lower
With higher interest rates on the horizon, the bank is forecasting larger house price declines than previously expected. ...Read more

Property
Which capital cities are most attractive to property investors?
A new survey has suggested that investor attention is shifting away from Australia’s two largest capital cities. ...Read more

Property
Market uncertainty fails to discourage foreign property investors
While interest from foreign investors in Australian property has remained strong, HLB Mann Judd warned that tax increases could see demand shift to other markets. ...Read more

Property
Regional renters forced to spend more of their income than ever before
Renters in regional areas are spending nearly as much on rent as home owners are spending on mortgage repayments. ...Read more

Property
Aussie home buyers now need to save for over 11 years for a deposit
Since early 2020, the time needed to save for a deposit has increased by more than two years. ...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. ...Read more

Property
Labor’s ‘Help to Buy’ scheme not without its risks
With Anthony Albanese sworn in as Australia’s 31st PM, home buyers are excited at the prospect of accessing the new ‘Help to Buy’ scheme, but a property expert has warned that the risks may be g...Read more

Property
Australia's housing market is entering a ‘broad-based correction phase’
Westpac believes the housing market downturn is now underway. ...Read more

Property
ANZ now expects house prices will end the year lower
With higher interest rates on the horizon, the bank is forecasting larger house price declines than previously expected. ...Read more

Property
Which capital cities are most attractive to property investors?
A new survey has suggested that investor attention is shifting away from Australia’s two largest capital cities. ...Read more

Property
Market uncertainty fails to discourage foreign property investors
While interest from foreign investors in Australian property has remained strong, HLB Mann Judd warned that tax increases could see demand shift to other markets. ...Read more

Property
Regional renters forced to spend more of their income than ever before
Renters in regional areas are spending nearly as much on rent as home owners are spending on mortgage repayments. ...Read more

Property
Aussie home buyers now need to save for over 11 years for a deposit
Since early 2020, the time needed to save for a deposit has increased by more than two years. ...Read more