The rental crisis on the Gold Coast has worsened with vacancy rates at their lowest level on record.
The continued surge in interstate migration has seen the number of available properties on the Glitter Strip continue to plunge.
According to the Real Estate Institute of Queensland, vacancy across the entire city fell from 0.9 per cent in the December quarter to just o.6 per cent in the March quarter.
That’s the lowest level since records began 15 years ago.
Oxenford is the hardest suburb on the Gold Coast to find a rental property with a vacancy rate of just 0.1 per cent.
Across the northern suburbs, Biggera Waters and Hope Island have a vacancy rate of just 0.5 per cent, while it’s 0.6 per cent in Coomera and Pimpama.
In the south Tugun’s vacancy is at just 0.3 per cent, Burleigh Heads and Currumbin it’s 0.4 per cent and Palm Beach has a vacancy rate of 0.5 per cent.
In the west, Nerang has a vacancy rate of just 0.4 per cent while in Ashmore and Parkwood it is 0.5 per cent.
It’s a similar story across many parts of Queensland with over 70 per cent of the state having a vacancy rate of 1 per cent or less.
REIQ CEO Antonia Mercorella is calling on the state government to take immediate action to resolve the crisis.
“The rental sector plays a critical role in Queensland’s housing system and the role and size of our investor market has never been so important,” Ms Mercorella said.
The State Government say they want to help households transition from community housing to housing in the private rental market. Given that, more needs to be done to better support both increased and ongoing property investor activity in the Queensland property market and the contributions they make to the State economy.”
REIQ also wants changes to the First Home Owner Grant so first home buyers can purchase an existing home.
The grant currently only contributes to the purchase of a new home.
Article Source: www.mygc.com.au
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