COOMBABAH is the worst suburb in the state for tenants to find somewhere to live, according to new research.
The quarterly rentrabbit.com.au Rental Crisis Report, out earlier this week, identified 20 Queensland suburbs where tenants desperately need more rental stock.
“Median rents have exploded in the Coombabah house market over the past year, jumping 22.1 per cent to $580,” said RentRabbit.com.au co-founder Ben Pretty said
“That reflects the decline in vacancy rates during that period, from a very low 0.6 per cent to an outrageously low 0.3 per cent.”
The Gold Coast suburb of Coombabah is the worst suburb in Queensland for tenants to find somewhere to live.
This four-bedroom house at 20 Matisse Court, Coombabah, is the only house listed for rent in the suburb. The home is listed at $745 weekly.
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There is only one rental house currently available in Coombabah, which is listed with Romarna Antees, principal of Home Real Estate Agency.
Ms Antees said she was getting anywhere from 20 to 90 applicants for rental properties despite prices creeping up over the past 12 months.
20 Matisse Court, Coombabah is listed for rent at $745 weekly.
“It’s everywhere and across the board but what’s happening is prices are going further and further up,” she said.
“Sadly it’s pricing a lot of families out of the immediate area.
“But on the other side we have new investors who are purchasing property at a premium and they’re having to see those higher yields to have them.
“Without the investors we have even less properties for rent.”
Rent: The lease on this unit at 1/20 Pacific Parade, Bilinga, is only until October 7 but it has already gone under application, with the bond set at $3,800.
The only other Gold Coast suburb to make the list was the unit market at Bilinga which came in fifth.
Bilinga had a vacancy rate of 0.8 per cent, down from 1.2 per cent 12 months ago while tenants are paying $450 per week on rent, or almost half of their average weekly household income.
“The Bilinga unit market is very much a landlord’s market, and it has tipped more in favour of landlords over the past year,” Mr Pretty said.
The rental crisis is the biggest issue facing Queensland right now, says RentRabbit.com.au co-founder Ben Pretty.
Mr Pretty said the rental crisis was one of the biggest issues facing Queensland right now.
“There are many suburbs across Queensland where vacancy rates are very low and tenants are struggling to find somewhere to live,” he said.
“For affluent tenants in more privileged suburbs, they at least have more options in terms of where they can live, especially as many of them are knowledge workers who can work remotely.
“But for the many tenants who have low household incomes and who live in socio economically disadvantaged areas, they’re really struggling right now and have very few options.”
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