- The Gold Coast’s booming property market and falling vacancy rates have left locals struggling to find somewhere to live
- REIQ said the Gold Coast vacancy rate is currently 0.3 per cent, reaching a record low of 0.6 per cent in the last 15 years of data records
- Adding to the pain is recent reports from SQM Research which said asking rents on the Gold Coast have soared by 32 per cent for houses and 14 per cent for units over the year
- Local charities have reported an increase in requests to find secure and safe accommodation in light of the competitive rental marketplace with short-term crisis accommodation unable to handle the influx
- 44 Home Property Management principal Shaun Carney said some locals are being priced out of their homes
The Gold Coast’s booming property market and falling vacancy rates have left locals struggling to find somewhere to live.
Issues of stock are arising across the state, according to the Real Estate Institute of Queensland (REIQ), 70.2 per cent of the state’s rental vacancies remain under one per cent.
The pinch is truly being felt in the idyllic Gold Coast beachside.
REIQ said the Gold Coast vacancy rate has reached a record low of 0.6 per cent in the last 15 years of data records.
Adding to the pain is recent reports from SQM Research which said asking rents have soared by 32 per cent for houses and 14 per cent for units over the year.
Rents for housing now sits at a median of $757 per week, while units command $507-a-week rental prices, according to SQM.
This price pressure is fuelling a youth homelessness crisis, according to homelessness advocacy group Everybody’s Home.
“Young people who are forced to leave their homes, or are left without homes through no fault of their own, cannot simply get a job that pays them enough to afford adequate accommodation,” Everybody’s Home national spokesperson Kate Colvin said.
“The rising cost of rental properties pushes stable housing further out of reach for young workers who are increasingly in housing stress,” she concluded.
Local charities have reported an increase in requests to find accommodation in light of the competitive rental marketplace with short-term crisis accommodation unable to handle the influx.
Jackie Doyle, who works with Vinnies Queensland’s Cornerstone program for people at risk of homelessness, said the situation was putting a whole new group of people in crisis.
“We’ve seen an increase of enquiries from people with a good rental history, have never needed to ask for support before, but they just cannot keep up in this competitive market,” she said.
“It has been referred to as the perfect storm, and it really has been.”
44 Home Property Management principal Shaun Carney
44 Home Property Management principal Shaun Carney said some locals are being priced out of their homes.
“Landlords are increasing their rents upwards of $200 compared to this time last year,” he said.
“Landlords are increasing their rents, kicking their tenants out, then they are looking for new places, and then you have all these people coming from Sydney and Melbourne trying to avoid lockdowns and to work remotely. This has caused a bit of havoc,” he added.
“It has been referred to as the perfect storm, and it really has been.”
Carney said despite the already booming prices the uptick is likely higher.
“When we look at data, they are always a few months behind, I would have to predict that it is going to increase,” he said.
“We are pretty much at a zero vacancy. When we list a property, it is usually gone within the first inspection, most of the time we don’t need to do inspections. They are online for no more than a few days before it is secured.”
A lot of the time, Carney doesn’t even need to post the rental for it to get multiple offers.
“I have a list of people who are waiting, and when I get a landlord give me a call who is recognising rents are going up, they might move in with a friend or parents for six months and rent their house out.
“I don’t even have to list it, I just put it straight through my list,” he added.
Carney said some budding renters are paying up to six months in advance as competition from Sydney and Melbourne renters who put in offers sight unseen.
“I have friends of mine who are messaging me personally, asking for help in finding a rental,” he said.
“At the end of the day, it is an investment, if I go to the owner and my friends have offered the asking price of $700 a week, versus someone coming from Sydney offering $750 with 6 months upfront, they will take the latter,” he added.
There are a lot of people who are homeless at the moment, and they don’t have options when it comes to housing, according to Carney.
“So, whether it is a unit or a house they just have to try and take what they can get. It is a shame,” he said.
Article Source: themarketherald.com.au
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