Surfers Paradise 
TENANTS are being forced to dig deep into their pockets as rental prices on the Gold Coast continue to climb.
New data in CoreLogic’s Quarterly Regional Market Update shows advertised rental rates have jumped 3.7 per cent for houses and 2.4 per cent for units in the year to March.
That is the equivalent of $20 and $10 per week respectively.
The median weekly rental rate is $560 for houses and $430 for units.
CoreLogic research analyst Cameron Kusher said there was only one other region in the state that faced higher rental price hikes than the Gold Coast.
“The cost of renting in Queensland is on the up, with advertised rental rates for houses increasing across all five regions,” he said.
“Cairns had the biggest increase (3.8 per cent) followed closely by the Gold Coast (3.7 per cent) and the smallest increase was recorded across the Sunshine Coast at 2 per cent.”
Rental prices on the Glitter Strip often peaked in summer due to an influx of seasonal residents before scaling back in winter when many people retreated.
REIQ Gold Coast zone chairman Andrew Henderson said rents appeared to be at an all-time high and had the potential to further increase given the level of migration to the city.
However, he said a recent rush of stock hitting the market would balance prices out because it offered more rental options, resulting in less competition.
“We have seen a lot of new product development to the rental market in the past few months,” he said.
“It seems to be those new buildings … attracting tenants who are willing to pay a higher level of rent.
“Rentals are all about supply and demand, it’s a balance to make sure we’ve got various types of accommodation.”The news of increasing rental prices may sound alarming to tenants but REIQ director and Professionals Newlands Real Estate principal John Newlands said it was a sign of a strong market.
“It’s probably a good thing, it shows the health of the market,” he said.
“The Gold Coast (market) has always been very much cyclical (but) those ups and downs are starting to flatten out a bit.”
Post Commonwealth Games, Mr Newlands said many people believed there would be too many rental properties on the market without tenants to absorb them, but that has been debunked.
He said there were still plenty of options for tenants but also an increase in people wanting to rent, which made it a much more stabilised market.
Latest CoreLogic data to May shows Clear Island Waters had the highest median asking rent at $850 per week while Stapylton had the lowest at $300 per week.
MOST EXPENSIVE RENT (median per week)
1. Clear Island Waters (House) — $850.
2. Broadbeach Waters and Tallebudgera Valley (H) — $795.
3. Benowa (H) — $780.
4. Tallebudgera (H) — $765.
5. Bundall (H) — $750.
CHEAPEST RENT (median per week)
1. Stapylton (House) — $300.
2. Willow Vale (Unit) — $360.
3. Pimpama (U) — $375.
4. Nerang, Highland Park and Coomera (U) — $380.
5. Labrador and Southport (U) — $385.
(Source: CoreLogic)
