Soaring rents create huge wealth divide across Gold Coast suburbs

This waterfront home at 12 Claymore Cres, Bundall is available to rent through The Professionals for $1,895 per week.

Soaring rents in the city’s most sought-after suburbs have created a huge wealth gap, with the cost of living in the most expensive areas increasing up to 20 times more than in the cheapest suburbs.
REA data shows weekly rent for houses in the Gold Coast’s five most expensive suburbs spiked by up to 46.15 per cent since last year.
Meanwhile, rent in the cheapest suburb of Willow Vale moved just 2.33 per cent, despite a shortage of available homes across the Coast as high levels of interstate migration and inflated property prices add fuel to the city’s rental crisis.

This three-storey home at 11 Wave St, Mermaid Beach is available to rent for $2,000 per week through Harcourts Coastal.

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Most expensive was Surfers Paradise, where tenants splashed $1,000 median weekly rent for a house — up 11.11 per cent from 12 months ago.
Rent for homes in both Clear Island Waters and Mermaid Beach tipped $950, with the latter posting the city’s biggest hike of 46.15 per cent.
Next was Broadbeach Waters, where rent was up 20 per cent to $900 per week, then Bundall ($855).
Tenants on a budget could try Willow Vale, where 66 houses were listed with a median weekly rent of $440.

2/21a Sunshine Blvd, Broadbeach Waters is a newly built luxury villa renting for $2,000 through Kollosche and available on September 30.

Pimpama was the Coast’s second cheapest place to live at $450 per week, and also had by far the greatest number of houses available to rent, with 1004 listings over the year. Median rents in the growing northern corridor suburb increased by just 2.27 per cent.
Median rent in Ormeau Hills and Ormeau was $470, while in Coomera rent was $490 and 697 houses were listed.
REA Group economic research manager Cameron Kusher said suburbs close to water had seen the biggest growth.
“The most expensive rental suburbs for houses are areas with water or oceafront properties and it is a similar story for units. The strong growth in these areas reflects the migration to the Gold Coast, which has led to a surge in demand and pushed up prices,” Mr Kusher said.
Surfers Paradise Ray White director Andrew Bell said the Coast’s high-end rental market was experiencing strong demand from families who had relocated from interstate.
He said tenants searching for a property to rent could expect at least 20 or 30 other people to attend an open home inspection.

You could be living in this modern fully furnished 3-bedroom townhouse at 14/30 Bidmead Cct, Pimpama for $510. It’s listed with Amir Prestige.

“Every tenant is aware there is a massive problem. The only difference now is that they are not caught by surprise like six or eight months ago, when they went, ‘oh my god — there’s nothing’,” Mr Bell said.
Collectiv Asset Management co-founder Blake Farquhar said a shortage of rental properties in predominantly owner-occupied suburbs had fuelled growth in those areas.
Alongside interstate families, tenants prepared to pay top dollar for luxury homes included local homeowners who had recently sold their property and were seeking to rent before buying again in the current hot market.
“These people are coming from exceptional homes and they are seeing value. They are spending the same money here, but getting a better quality property,” Mr Farquhar said.

This four-bedroom home at 33 Denham Cres, Willow Vale is for rent for $430 via Ray White.

Clear Island Waters investor Peter Cusack has almost completed a full renovation of a Queenslander-style property which will be available to rent from November through Collectiv Asset Management.
The five-bedroom, four-bathroom home at 54 Bollard Circuit was extended to maximise water and hinterland views, while retaining its classic character.
“It’s no longer a humble colonial house — it’s a grand colonial house,” Mr Cusack said.
“We feel Clear Island Waters is a blue-chip suburb that will offer ongoing growth in the long term.”
Kollosche new business manager Katie Dalton said rental houses and apartments in beachside suburbs including Broadbeach, Mermaid Beach, Burleigh Heads and Palm Beach were most popular.
Ms Dalton said inquiries were split evenly between local and interstate tenants, with many properties leased within a week of listing.
“Really it will depend on when the QLD border reopens whether we get that next spike of migration from interstate, and whether we will again see that dramatic decrease in supply like we did 12 months ago which has driven up prices,” she said.

Weekly rent is $350 for this near-new duplex at 1/4 Wattle St, Ormeau. It’s listed with MPM Property.

1. Surfers Paradise $1,000 per week
2. Clear Island Waters $950
3. Mermaid Beach $950
4. Broadbeach Waters $900
5. Bundall $855
1. Main Beach $570
2. Benowa $568
3. Currumbin $555
4. Miami $550
5. Burleigh Heads $550
1. Willow Vale $440
2. Pimpama $450
3. Ormeau Hills $470
4. Ormeau $470
5. Coomera $490
1. Pimpama $400
2. Nerang $400
3. Coomera $403
4. Ormeau $410
5. Oxenford $415

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