Coast tops list of highest rent rise

Queensland’s most financially squeezed suburbs for tenants have been revealed, with renters in one location paying a staggering 41.4 per cent more now than they were just 12 months ago.

Exclusive new data shows rents at Clear Island Waters on the Gold Coast have increased more than any other suburb, with the average tenant now paying $1400 for a house – almost an extra $580 extra a week.

But the cost of renting on the Gold Coast is soaring across much of the region, according to the PropTrack research.

Of the top 10 suburbs for house rent price growth, seven are on the Gold Coast and include Willow Vale (+33.3%), Miami (+33.3%), Highland Park (+30.4%), Paradise Point (+30%), and Tamborine Mountain and Surfers Paradise, both up 27.5 per cent in a year.

Kollosche managing director Michael Kollosche said the increase in rental prices was a direct result of huge demand on the Gold Coast.

“This is obviously the after-effect of a significant increase in population growth through Covid where developers couldn’t keep up with the demand for investment,” Mr Kollosche said.

“Until the state government starts to offer significantly more incentives to the private enterprise to build-to-rent in the form of relaxation on land tax, incentives around stamp duty, incentives around GST, we are going to find that this problem will be exacerbated.

“Especially while building prices are at unsustainable levels and builders are experiencing far too much work.”

And Harcourts Coastal business development manager Brent Martens said he didn’t see a slowdown in rental demand anytime soon.

“We thought it would just be during that Covid period but that’s not the case at all,” Mr Martens said.

“We’re still finding every third or fourth call for a rental is an expat or people moving here from Sydney or Melbourne.

“We’re also seeing those international students coming back now that borders have opened. If something is priced well, we will get 200-300 inquiries within 48 hours of listing it.

Clear Island Waters has experienced the biggest increase in house rent prices.