The Gold Coast is one of the most unaffordable places to rent in Australia. Essential workers have been pushed out of towns across Australia as rental price increases have outpaced pay growth, with the Gold Coast being the most expensive region in the country. Workers earning award salaries in 15 essential service occupations would need to spend at least two-thirds of their income on a typical Gold Coast rental property, according to a new analysis.
Queensland is one of the least affordable jurisdictions for renters, with mean unit rents of $750 on the Gold Coast exceeding take-home pay for a number of the assessed occupations. Even the highest paid essential workers, such as firefighters, teachers, and ambulance officers, who receive weekly net pay between $900 and $1000, would spend at least half of their salary on rent on the Gold Coast.
According to a nationally recognised benchmark used by real estate agents when evaluating rental applications, rent should not exceed 30% of a household budget to avoid financial stress. In Mermaid Beach, the median rent is now an eye-watering $1,350 per week up from $700 back in 2018.
Median Rental Prices 2018 vs 2023 (House)
SUBURB | 2018 MEDIAN PRICE | 2023 MEDIAN PRICE |
Miami QLD 4220 | $570 | $1,100 |
Mermaid Beach QLD 4218 | $700 | $1,350 |
Surfers Paradise QLD 4217 | $825 | $1450 |
Southport QLD 4215 | $485 | $725 |
Burleigh Heads QLD 4220 | $580 | $950 |
Palm Beach QLD 4221 | $590 | $950 |
Coomera QLD 4209 | $440 | $650 |
Wongawallan QLD | $510 | $1,473 |
At 1.47%, the national vacancy rate is at its lowest level since far before the epidemic, making the situation difficult for tenants looking for a place to live right now. According to the most recent PropTrack data, rental postings only remained active on realestate.com.au for a median of 18 days in March, which is a week shorter than it was before the epidemic.
With rental prices increasing rapidly, it’s important to understand where your investment property sits in this market. Book a free rental assessment to find out how much your property could rent for in today’s market.