Tight rents drive Cova

A new masterplanned community is benefitting from a tight rental market, Elizabeth Tilley writes

A masterplanned community in Hope Island is benefiting from the Gold Coast’s tight rental market, with properties snapped up as soon as they become available.

The 395 dwelling waterfront community, Cova, currently has a near zero rental vacancy — outperforming the Gold Coast market where the vacancy rate has eased from 1.7 per cent to 2.5 per cent.

Cova’s property manager, Maree Hume, (above) of Effective Management, said there were no vacancies at Cova advertised with the on-site management, with properties generally prelet prior to previous tenants vacating.

“We have experienced an upsurge of rental interest in Cova in recent months as the Gold Coast’s economy continues to grow and generate more employment,” Ms Hume said.

“Prospective tenants are drawn by the enviable waterfront lifestyle at Cova and its convenient and very accessible location close to the M1, shops and facilities.”

Demand is so strong, Ms Hume expects two properties becoming vacant this month will be rented before the current tenants move out.

“Our average vacancy time between tenants is approximately one week, so given the current economic climate and level of demand for rentals we expect any tenant changeovers to remain quite seamless here at Cova,” she said.

The median weekly rent for three-bedroom detached homes in the area has reached $515 — $40 more than the Gold Coast average — according to the REIQ.

The strong rental demand means investors can be selective about tenacy applicatons.

Ms Hume expected two properties becoming vacant this month would be rented before thecurrent tenants moved out.

The Northwater Terrace Homes is Cova’s latest release, comprising 28 architect-designed homes with three bedrooms, two bathrooms and a multipurpose room.

Each terrace home has a large covered alfresco area, European appliances, stone benchtops, and airconditioning in the living room and master bedroom.

The Cova development features leisure facilities including a marina and recreational club, including a gym and lap pool.

There are also barbecue and kitchen facilities along with community initiatives such as a book swap and free daily fitness classes.

A few properties remain priced from $459,000. Each terrace home has a large covered alfresco area, European appliances, stone benchtops, and airconditioning.