The Gold Coast has clinched an unwanted crown, retaining its title as the most expensive city in Australia to rent a home despite a slight dip over the past quarter.
According to a new report from Domain, the local median rent fell by $30 a week down to $920, offering some rare breathing room for local households.
However, that minor relief does little to soften the blow for desperate tenants, with local prices continuing to outpace every major capital in the country.
Gold Coast renters are currently paying a whopping $85 a week more than those in Sydney, where the median asking rent sits at $835, and an eye-watering $220 more a week than in Brisbane.
Domain Chief Economist Dr Nicola Powell admitted the downturn is surprising given how tightly restricted the rental market remains.
“It is unusual to see rents stall or flatline when we’ve got vacancy rates still so low,” Dr Powell said.
