9 News Gold Coast reported that rental property in the Gold Coast is under high demand. Prospective tenants are resorting to desperate tactics to secure homes, including paying up to 12 months’ rent in advance, according to REIQ Gold Coast chairman John Newlands.
Data shows vacancy rates on the glitter strip are among the lowest in Queensland, with 1.9% of rental homes unoccupied, compared to 3.6% in Brisbane.
“There are a lot of roads, infrastructure being built, a lot of building that’s there and also the tourism has rebounded aswell,” Mr Newlands said.
Developer Danny Andrews, who has just opened the 15-storey Allegra tower in Southport, said he had been inundated with applications even before Saturday’s official opening. “In the first week we’ve received over 200 enquiries and we’ve never had that on any of our previous projects,” he said.
During the reports, some tenants show frustration of not being able to find a rental property in a suitable location. With 2018 Commonwealth Game ahead and continue population growth in the Gold Coast, there is a huge demand for residential property in the Gold Coast. Domain Group economist Dr Andrew Wilson said “The Gold Coast Market is back in town and we’re obviously seeing that infrastructure is an important component of hosting the games and that means workers, particularly construction workers, with all that downstream economic activity.”
“That means more demand for rental properties, more demand for owner-occupiers.”
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