COOMBABAH is the worst suburb in the state for renters to find a place to live, according to new research.
rentrabbit.com.au’s quarterly rental crisis report, released earlier this week, identified 20 Queensland suburbs where renters desperately need more rental stock.
“Average rents have skyrocketed in the Coombabah property market over the past year, jumping 22.1 per cent to $580,” said RentRabbit.com.au co-founder Ben Pretty.
“That reflects the decline in vacancy rates during that period, from a very low 0.6 percent to an outrageously low 0.3 percent.”
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There is currently only one rental house available in Coombabah, listed by Romarna Antees, Director of Home Real Estate Agency.
Ms. Antees said she was receiving between 20 and 90 applicants for rental properties despite prices rising in the last 12 months.
“It’s everywhere and across the board, but what’s happening is prices are going higher and higher,” he said.
“Sadly, it is excluding many families from the immediate area.
“But on the other hand, we have new investors who are buying properties at a premium and they have to see those higher returns to get them.
“Without investors we have even fewer rental properties.”
The only other Gold Coast suburb to make the list was the unit market in Bilinga, which came in fifth place.
Bilinga had a vacancy rate of 0.8 percent, down from 1.2 percent 12 months ago, while renters pay $450 a week in rent, or almost half of their median weekly household income.
“The Bilinga unit market is very much an owner market, and it has skewed more in favor of owners over the past year,” Mr. Pretty said.
Pretty said the rent crisis was one of the biggest problems facing Queensland right now.
“There are many suburbs in Queensland where vacancy rates are very low and tenants are struggling to find a place to live,” he said.
“For wealthy renters in the more privileged suburbs, they at least have more options in terms of where they can live, especially since many of them are knowledge workers who can work remotely.
“But for the many renters who have low family incomes and who live in socioeconomically disadvantaged areas, right now they are really struggling and have very few options.”