Rental property spike good news for city’s tenants

TENANTS on the Gold Coast are spoiled for choice for the first time in years with new data revealing there are more rental properties available now than in almost a decade.

Latest Real Estate Institute of Queensland figures show the Coast’s vacancy rate has jumped from 1.7 per cent in the September 2018 quarter to 4.8 per cent in the December 2018 quarter.

The last time the vacancy rate hit 4 per cent was in the June 2012 quarter – it peaked at 5.2 per cent in the June 2011 quarter.

REIQ Gold Coast zone chairman Andrew Henderson said the recent completion of multiple developments added more properties to the rental pool.

“There was a fair bit of development completed towards the end of last year on the Gold Coast, which I imagine would have a lot to do with it,” he said.

“It’s probably higher than usual but we’ve had a significant amount development.”

Mr Henderson said it was good news because it gave tenants more choice.

“It’s good that it’s back to a more manageable, normal level,” he said.

However, he believed it would be absorbed quickly.

“I feel that the strong continued migration (to the Coast) will fill up those numbers very quickly,” Mr Henderson said. “The next wave of development is going to be a little while off.”

One of the largest developments contributing to the rental pool is JLL’s Smith Collective builtto-rent dwellings on the site of the former 2018 Commonwealth Games athletes village.

The precinct has about 1251 dwellings. The first tenants moved in last month.

Other developments, in Varsity Lakes, Broadbeach, Miami, Burleigh and Robina were also offering more rental properties. of