The Gold Coast’s rental market has staged a big recovery with the number of available properties at its lowest level in almost two years.
The COVID pandemic led to a flood of properties hitting the rental market, with vacancies on the Gold Coast increasing to 3 per cent in the March and June quarters.
But it is now harder to find a rental property with the vacancy rate plunging to 1.6 per cent in the September quarter according to figures released by the Real Estate Institute of Queensland.
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That’s the lowest it has been since December 2018.
Rental properties are rarest on the southern Gold Coast where the overall median vacancy rate is just 0.3 per cent.
In Palm Beach it’s just 0.1 per cent, Coolangatta has a vacancy rate of 0.2 per cent, Burleigh and Miami are on 0.4 per cent while the vacancy rate in Currumbin is 0.6 per cent.
It’s a similar story in parts of the western Gold Coast where the median vacancy rate has more than halved to just 1 per cent.
Oxenford is among the toughest to find a rental with a vacancy rate of just 0.3 per cent, in Mudgeeraba it’s 0.4 per cent while in Nerang the rate is 0.5 per cent.
In the city’s north, Pimpama has the lowest vacancy rate on 0.4 per cent, followed by Coomera and Upper Coomera which are both on 0.7 per cent.
After seeing an exodus at the height of the pandemic, the vacancy rate in Surfers Paradise has plunged from 5 per cent to 2.1 per cent.
Real Estate Institute of Queensland CEO Antonia Mercorella says the rental market has tightened across most of the state.
“With Queensland’s overall quarterly vacancy rate retracting from 2.44% to 1.49% over three months, this is the first time since the outbreak of COVID-19 that every market is showing growth as vacancy rates continue to shrink,” Ms Merocella said.
“Needless to say our rental market is under enormous pressure with around 90% of the State now experiencing extremely tight conditions.
“The pandemic has definitely caused a shift for a lot of people in not only the way they want to live but where they want to live, and it seems South-East Queensland is our biggest beneficiary these last three months.”