Rental crisis weighs on minds of voters
THE rental crisis has become so bad on the Gold Coast it could bring swings of four or five per cent in city electorates at next month’s poll.
Some couples looking for a home say they have given up and are moving interstate.
Griffith University political expert Paul Williams said rental pain could lead to swings of up to four or five per cent in Mcpherson, Fadden and Moncrieff, but it won’t be enough to knock the Coalition from its safely held Coast seats.
“If you are a renter, it could be motivation to vote against the Coalition,” he said.
“We have seen from past elections that Australians are very susceptible to the hip pocket nerve and I suspect that higher rents will be added to the household budget strain.”
The city’s rental market is among the tightest on record and landlords are hiking prices $150 a week. It is being fuelled by strong migration from southern states, many of whom have sold homes in Sydney and Melbourne.
House prices have jumped 56 per cent in Mcpherson from 2019, the latest Proptrack data shows, the second highest rate in Queensland behind Fisher on the Sunshine Coast.
The LNP has held the southern seat – which captures Clear Island Waters south to the NSW border – since 2010. Home Affairs minister Karen Andrews won with a 12 per cent margin in 2019.
House prices in Moncrieff, which covers Molendinar to Miami, rose 44 per cent in three years. Angie Bell holds the seat with a 15.45 per cent margin. Mcpherson, Fadden and Moncrieff each ranked in the top 10 across the state for rent growth, up 23, 22 and 20 per cent respectively since the last election.
Kelly and Michelle Squibb moved from Melbourne to the Gold Coast for the lifestyle, but have given up on their dream of owning a house here.
The couple was thrown into the Coast’s rental crisis while selling their renovated Surfers Paradise unit, but despite making a profit will now move to South Australia.
The Squibbs sold their apartment for $980,000 this year through Harcourts Coastal agents Katrina Keegan and Penelope Nicholls. It was purchased in 2018 for $585,000.
“We’re not affluent but we’re not uncomfortable. It’s just really tough right now,” Kelly Squibb said.
“We just can’t get a house in the location we want.
“We can move to Adelaide though and buy a three-storey townhouse in the CBD and have money left over.”
Ms Squibb said securing a rental property on the Coast while their unit was on the market was “horrendous”.
They spent three months searching and even offered six months’ rent upfront.
Urban Taskforce CEO Tom Forrest said all political candidates needed to address housing affordability.
“The Australian dream of owning a home is increasingly out of reach for a generation of millennials. Many have simply given up,” he said.
“Extra grants put more money in the pockets of new homebuyers but unless supply is also increased, all this does is drive prices up.
“Political parties need to focus on housing supply, not just social housing or more money for first-home buyers.”
Ray White Surfers Paradise CEO Andrew Bell said that while the cost of living was a key election platform, the booming property market had placed the Coast in a strong economic position and delivered wealth to homeowners.
“A lot of people are thrilled with the property market – it’s been incredible,” Mr Bell said.