Renal crisis: overseas interest in Gold Coast could lead to more rental pain

An influx of overseas migrants is expected after rental searches from overseas rose 71 per cent, with the Gold Coast the preferred destination. Picture Glenn Hampson
THE Gold Coast’s rental crisis could be about to hit a new flashpoint, with data showing a huge spike in rental searches from house-hunters overseas.
Searches for rental properties in Australia soared by 71 per cent in June, according to the PropTrack Overseas Search Report July 2022, while those looking to buy property rose just 7 per cent.
The Gold Coast is among the top destinations, for both buyers and renters.
With borders now fully open, the data suggests that longer-term visitors are eyeing a visit to our shores at a time when the Gold Coast is already in the midst of a housing crisis, compounded by some of the lowest vacancy rates in history.
The data shows that despite a drop-off in buy searches, all countries, aside from the US, showed an increase in rental searches.
REA senior data analyst Karen Dellow: “Most of the influx will be migrant workers and students.”
The majority have come from China, where nationally inquiries increased 431.6 per cent in the year to June, followed by India at 196.7 per cent, Hong Kong, 100.4 per cent, the UK, 45.3 per cent, Singapore, 35 per cent and New Zealand, up 24.9 per cent.
REA senior data analyst Karen Dellow said the most searched suburbs or regions by country was greatly influenced by the cultural diversity of those areas.

MORE NEWS: Billionaire Bob Els secures a $2m ‘super lot’
Influencer caught stripping in front of Insta-worthy home
Holiday rental gives hopes to family without a home

“Searchers from New Zealand mostly search for homes in Queensland, where there is a high proportion of residents originally from across the ditch. The Gold Coast, Brisbane, and the Sunshine Coast are most popular,” she said.
Gold Coast chair for the Real Estate Institute of Queensland Andrew Henderson said the findings were not surprising given the region is a lifestyle destination, but new-builds would help to cope with the city’s swelling population.
“Hopefully as houses and apartments are finished it will create a bit of extra supply here on the Gold Coast.”
REIQ CEO Antonia Mercorella: “These people bring skills and spending to the regions. It will be a loss if we cannot house them.”
Ms Dellow said that it was likely most of the arrivals would comprise migrant workers and students, with recent data from the Australian Bureau of Statistics showing that a sharp increase in foreign students and permanent skilled workers had been arriving since late 2021.
Both demographics are sorely needed to boost the local economy and address skills shortages created by pandemic shutdown, but with the Gold Coast vacancy rate sitting at 0.5 per cent for the past quarter, it will be difficult for them to find housing.
REIQ CEO Antonia Mercorella said: “Real estate agents in regional parts of Queensland have reported that incredibly tight vacancy rates are making it tough for hospital workers, teaching staff, and students to find a place to live in proximity to their essential work or study.
“These people bring skills and spending to the regions, all contributing to the economic prosperity and social fabric of the area, and it’s a truly concerning loss to these communities when they simply cannot house them.
Students and essential workers will make up the majority of long-term visitors. Picture: Jerad Williams

The post Renal crisis: overseas interest in Gold Coast could lead to more rental pain appeared first on

Don’t Stop Here

More To Explore