Rents more expensive than Toorak
It is now more expensive to rent a house in Broadbeach Waters than in the glamorous Melbourne suburbs of Toorak and Brighton, according to the latest Domain Rent Report.
The median cost of renting a house in Broadbeach Waters ($1350 a week) has now overtaken Toorak and Brighton, Melbourne’s most expensive suburbs, at a median of $1200 a week.
Rental prices in other Gold Coast suburbs, including Clear Island Waters, Bundall and Mermaid Beach, all now equal to those in Toorak and Brighton.
The Real Estate Institute of Queensland says the rent price spike is being driven by demand created by interstate migration and a lack of rental properties.
REIQ Gold Coast zone chairman Andrew Henderson said rental properties in the more affordable price brackets were very scarce.
"Unfortunately, buying a rental property in Queensland has become less appealing because of a number of regulatory changes in recent years, and the vast majority of buyers in the market are owner occupied,’’ said Mr Henderson.
“The few investors who are looking at buying properties on the Gold Coast quickly realise the yields are not attractive and they end up buying elsewhere.”
Gold Coast property queen Lucy Cole from Lucy Cole Prestige Properties said rental prices had gone “through the roof” in recent years and tenants were choosing to negotiate with landlords to stay put when their leases expired.
“Prices have increased everywhere so people are choosing to stay in their existing properties because there are a lot of additional costs when shifting and there are very few options available,’’ said Ms Cole.
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