As people across the nation struggle to secure a residency with house prices continuing to go through the roof, one city’s demand is thrashing others.
Statistics in the report released this week showed rental costs for all dwellings on the Gold Coast rose by 20.2 per cent, while house rental prices jumped a whopping 27 per cent, and the price to live in a high-rise got 17 per cent higher.
Sydney recorded a 4.6 per cent increase in rental prices despite the prediction costs would decrease by about 2 to 6 per cent compared to the year prior.
SQM Research Report author Louis Christopher said figures of the Gold Coast property crisis were “quite the record”, with homes from Main Beach to Burleigh in the highest demand and with the biggest price tags.
The median average rental price for a Gold Coast house is currently $770 per week, while in Sydney it’s $722.
The median average rental price for a Gold Coast unit is $530 per week, while in Sydney it’s $473.
The surge along the nation’s coastline hasn’t shown signs of slowing down, either, with the arrival of interstate travellers to keep the trend going.
Mr Christopher said he also expects Brisbane and the Sunshine Coast’s rental prices to continue to increase as a “very strong” interstate migration is expected once the Queensland borders reopen.
“In Brisbane, house prices are still relatively affordable compared to Sydney and Melbourne house prices and that is the case for house prices on the Gold Coast as well … Hence the reason we think rental prices and house prices are going to go up next year,” Mr Christopher said.
“As an analyst, I’ve never seen (these rental prices) before … It’s a very bad situation for Gold Coast tenants and I don’t think it’s going to get better anytime soon because we’re recording rental vacancy rates of under one per cent.
“This is unheard of for any region in the country.”
Mr Christopher’s main concern comes as the median average house price on the Gold Coast is predicted to hit the $1 million mark, with the current median average house price sitting at $950,000 and $530,000 for a unit.
“This is great if you’re a property owner, not so great if you’re not in the market,” Mr Christopher said.