Prestige rental market hit by rising rents and stock shortages

3537 Main Beach Pde, Main Beach, is for rent for $7,500 a week.
RENTERS at the upper end of the market are dishing out thousands of dollars a week as they scramble to secure a prestige Gold Coast home.
As demand continues to outstrip supply, asking rents are on the rise with the most expensive long-term rental to ever hit the Gold Coast market topping out at $7,500 a week, with a $30,000 bond.
The beach house at 3537 Main Beach Pde, Main Beach, currently registers as the sixth most expensive rental in the country, according to
The property hit the rental pool after recently being purchased under the hammer by a local buyer for a suburb record of $9.8m.
The house recently sold for $9.8m.
The four-storey, four-bedroom home is one of only eight left in the suburb with direct beachfront access.
Brent Martens of Harcourts Coastal, who is handling the prestige listing, said since Covid the high-end rental market was firing with no shortage of tenants lining up to pay the sky-high prices.

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“The market has changed dramatically over the past two years,” Mr Martens said.
“Three or four years ago you would get one inquiry every two weeks on a property renting for $3,000 to $4,000-plus, now we get 10 to 15 immediately,” he said.
“The properties don’t come up very often, so when they do they get snapped up straight away,” he said.
25 Bellara Street, Ashmore, can be rented for $6000 a week and $30,000 bond..
“Just in the past week we rented a non-beachfront home in Mermaid Beach for $6,000 a week and one in another suburb for $4,000.
“Palm Beach in particular is a hotspot. The demand for luxury apartments there is unprecedented. We’re getting 15 to 20 groups through each listing, and its consistent. There are a lot people around with a lot of money.”
The Gold Coast is one of Australia’s fastest growing regions in the country, with the ABS predicting the population is expected to grow from about 560,000 people to 820,000 by 2035.
Mr Martens said the sheer number of people who had moved to the Gold Coast since the start of Covid was fuelling the active market, and the shortage of stock availability.
126 Amalfi Dr, Isle of Capri, is $4500 a week, plus $18,000 bond.
“A lot of people who came to the Gold Coast as a short-term escape during Covid lockdowns, have stayed on because they like the lifestyle. They’re not buying, they’re just happy to rent and they have the money to do it.”
However, while interstate tenants are prevalent, Mr Martens said demand for properties was coming from all sectors of the market.
“Interstate migration has been a big factor, but equally we have let homes to locals who are doing renovations on their own homes, or have recently sold so they are cashed up in between houses,” he said.
“We also have had an increase in inquiries coming from the film industry, with producers and crew needing places to stay when filming on the Coast.”

Vaucluse, NSW
Four-bedroom houseRent: $30,000 a week

Vauclause, NSWSix-bedroom houseRent: $12,000 a week

38 Eastbourne Avenue, Clovelly, NSW
Four-bedroom houseRent: $10,500 a week
Bond: $36,000

42a Wolseley Road, Point Piper, NSW
Five-bedroom houseRent: $10,000 a week

2 Wolaroi Cres, Tamarama, NSW
Six-bedroom houseRent: $9,800 a weekBond: $9,800

3537 Main Beach Parade, Main Beach, QLD
Four-bedroom beach house
Rent: $7,500 a week
Bond: $30,000

64/1 Barangaroo Avenue, Barangaroo, NSW
Three-bedroom apartment
Rent: $8,000 a week
Bond: $28,000

19 Etham Avenue, Darling Point, NSW
Five-bedroom houseRent: $7000 a week

North Bondi, NSW
Five-bedroom houseRent: $6,500 a week

3/3 Loftus Road, Darling Point, NSW
Three-bedroom apartment
Rent: $6,500.00 a week
Bond: $26,000

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