The number of properties available for rent on the Gold Coast has hit an all-time low as tenants battle to secure properties across the city.
After hitting a vacancy rate of 10 per cent in May at the height of the COV ID-19 pandemic, the vacancy rate across the Gold Coast has plunged to just 0.9 per cent in the December quarter according to figures from Real Estate Institute of Queensland.
Southern suburbs of Gold Coast have fared the worst where the overall vacancy rate is at just 0.3 per cent.
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In Miami, it’s fallen to just 0.2 per cent with Palm Beach and Currumbin not far behind on 0.3 per cent, while Varsity Lakes is on 0.6 per cent and Broadbeach on 0.8 per cent.
Surfers Paradise, which felt the biggest brunt of the exodus from the rental market has now bounced back to pre-pandemic levels.
The suburb had 2,100 available properties nine months ago, but now has a vacancy rate of just 0.7 per cent.
In the northern part of the Gold Coast, the average vacancy rate has fallen to just 0.6 per cent.
Oxenford has a vacancy rate of just 0.1 per cent, closely followed by Runaway Bay (0.5 per cent), Arundel (0.6 per cent), and Labrador and Southport, both with a vacancy rate of 0.7 per cent.
REIQ Chief Executive Officer Antonia Mercorella says urgent action from governments is needed to address the shortage.
“Every Queenslander should have access to a safe, secure and affordable home that meets their needs and supports them,” Ms Mercorella said.
“That’s why the Palaszczuk Government should consider abolishing stamp duty. It’s the most significant barrier to home ownership, discouraging housing turnover, restricting mobility and property investment – something we desperately require.”
The competition for rental properties has seen a spike in prices across the city.
A report from Domain released last week found the median cost of renting a house on the Gold Coast had risen by 3.8 per cent in the December quarter to $540 a week.