Gold Cost: Rents still up

RENTERS on the Gold Coast are forking out some of the highest prices for properties in regional Queensland.

A new report released by non-government social housing provider Compass Housing Services reveals the city has the second highest median rent in regional Queensland.

The report lists the median rent each week on the Coast as $440, meaning tenants would need a weekly income of $1467 to be able to afford it.

Also in the top five of least affordable areas are; Noosa at $457.50, Gympie at $285, Hervey Bay at $320 and the Sunshine Coast at $430.

REIQ Gold Coast zone chairman Andrew Henderson said a main factor affecting prices was the lack of properties available for rent as owneroccupiers were the region’s dominant buyers.

He said the fluctuating number of tourists and transient workers also contributed to the property shortage, while the slow release of land for new housing estates put added pressure on the rental market.

Latest data from the Residential Tenancies Authority shows suburbs in the 4217 postcode, including Benowa, Bundall, Main Beach and Surfers Paradise, were the most expensive areas to rent with $850 the median price per week for a four-bedroom house.

That is $120 more than the same period the previous year.

The cheapest place to rent was the 4209 postcode, which included Coomera, Pimpama and Willow Vale, with $179 the median price per week for a one-bedroom flat.

Lucy Cole Prestige Property managing director Lucy Cole said areas in the northern corridor were cheaper because there were plenty available.

She said quality homes at the heart of the city were harder to find and offered the best of the Coast lifestyle, which made them more expensive.

CoreLogic research analyst Cameron Kusher said while house-value growth was slowing, rental growth remained strong due in part to the region’s popularity for migration.

“This is (also) potentially reflective of the increasing number of residents moving to the region but they are choosing, at least initially, to rent rather than buy,” he said. MOST EXPENSIVE RENTS

$850 — four-bedroom house in postcode 4217.

$630 — three-bedroom flat 4218.

$618 — three-bedroom house 4218.

CHEAPEST RENTS

$179 — one-bedroom flat 4209.

$330 — two-bedroom flat 4210.

$340 — two-bedroom townhouse 4209.