The Gold Coast’s rental market is becoming further out of reach for most tenants, with rents in the city outstripping all capitals in the country.
According to realestate.com.au, the median rent on the Gold Coast has surged another 2.5 per cent in the last quarter and 7.9 per cent for the year.
The median rent is now $890 a week, well above the national average of $670 a week, which is a new record high.
Brisbane’s median weekly rent was $695, while the Gold Coast is even more expensive than Sydney, where renters are paying an average of $800 per week.
Rents for houses on the Gold Coast have now soared by a whopping 10.6 per cent in the last year to an average of $995 a week.
The median rent for units is up 9.2 per cent in the last 12 months to $830 a week.
Experts warn the pain for renters could soon get worse.
“The May Federal Budget which announced sweeping changes to investor tax settings, occurred in the middle of the quarter, so the full impact on the rental market is yet to be seen,” realestate.com.au said.
“While the vacancy rate has edged higher, the expected decrease in investor demand due to the budget’s tax changes could slow the pace of new supply, putting further pressure on rents.”
