PHOTO: Gold Coast, Australia. FILE
Renting on the Gold Coast has become prohibitively expensive, prompting tenants to share accommodations with up to five housemates in order to manage their living expenses. The median cost of renting a unit on the Gold Coast has surged to $680 per week, leading individuals like Lillian Reed, a disability support worker, to share a four-bedroom house with four others.
https://propertynoise.co.nz/au/annual-event-in-gold-coast-to-showcase-auction-of-100-properties-watch/
Lillian Reed, who relocated to the Gold Coast two years ago, initially intended to live in a beachside suburb but opted for the smallest and most affordable room in her Varsity Lakes residence due to financial constraints. The heightened rental prices, coupled with increased competition, have made living costs challenging for residents like her. Despite working six days a week, Reed has witnessed her rent rise by $110 over the past year, exacerbating the financial strain.
Real estate agent Dot Hamilton, with a portfolio extending from Pimpama to Banora Point, has observed a growing trend of tenants sharing rental homes to cope with escalating costs. Hamilton also notes a shift in newly acquired properties on the Gold Coast, with more becoming owner-occupied rather than entering the investment pool.
Rental prices on the Gold Coast have surpassed those in Greater Sydney, Melbourne, and Brisbane. The median rent for a Gold Coast home in December reached $850 per week, while units cost $680, reflecting a 7.1% overall increase in the past year. Hamilton emphasizes the stark rise in rental prices, recalling a time four years ago when a two-bedroom apartment near the beach could be rented for $450 per week, a figure that has now surged to around $730 per week.
https://propertynoise.co.nz/au/sophie-monk-lists-her-riverfront-residence-on-the-gold-coast-for-sale-watch/
The percentage of income allocated to rent has also shifted, with tenants now commonly spending closer to 43% compared to the previous norm of 33.5%. The gap between house and unit rentals on the Gold Coast has narrowed, with a 9.7% increase in the median cost of renting a unit in the past 12 months.
Despite the challenges, relief may be on the horizon, as the Gold Coast’s rental vacancy rate reached 1.2% in December, compared to 0.4% during the pandemic. The region’s popularity, evidenced by a substantial influx of 65,000 interstate arrivals between 2020 and 2022, has contributed to its status as one of the fastest-growing regions.
https://propertynoise.co.nz/au/gold-coast-2023-house-of-the-year/
SOURCE: ABC
https://propertynoise.co.nz/au/melbournes-flashiest-real-estate-agent-has-set-up-shop-on-the-gold-coast-watch/