The rental crisis is deepening with vacancy rates on the Gold Coast at their lowest level in more than 10 years, sending prices soaring.
According to figures released by Real Estate Institute Queensland on Friday, the vacancy rate on the Gold Coast slumped to just 0.4 per cent in the March quarter.
That’s down from 0.6 per cent in the December quarter.
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The vacancy rate on the Gold Coast is below the state average of 0.7 per cent.
“With the second stage of rental reforms looming, the last thing we need right now in the midst of a rental crisis is legislative reform which undermines investor confidence,” REIQ CEO Antonia Mercorella said.
“With record-low vacancy rates, and 36% of our population renting their homes, we can’t afford to reduce the appeal of investing in Queensland. That’s why we’ll continue to advocate for fair and balanced legislation that maintains a level playing field for both investors and tenants.”
As a result of low vacancy rates, prices across the Gold Coast have surged to new highs.
According to SQM Research, the median rent for a three-bedroom house in the central Gold Coast is now $826 per week.
That’s up 12.1 per cent in the last quarter and 26.1 per cent for the year.
For a two-bedroom unit in the central Gold Coast, the median rent has risen to $644 a week, up 19 per cent in the last year.
A three-bedroom house on the southern Gold Coast will set renters back an average of $849 dollars a week and $645 a week for a two-bedroom unit.
On the northern Gold Coast, the median rent for a three-bedroom house is $743 a week, while for a two-bedroom unit it is $528.
In the western Gold Coast, rents have risen to an average of $711 a week for a three-bedroom house and $568 a week for a two-bedroom unit.