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
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more