GOLD Coast families
fear they could be left homeless as the city’s rental market struggles to keep
up with unprecedented demand from local and interstate tenants.
reportedly running high as new rental listings are flooded with hundreds of
inquiries and multiple applicants, leaving many desperate to keep a roof over
managing director Dane Atherton said the high competition for rentals
properties was causing stress for those who keep missing out.
"There’s a lot of
emotion in rentals at the moment,” he said.
"A lot of people
are worried they won’t find a home and sadly, only one tenant can be approved.
"It’s become very
difficult for our property managers and much of the inquiry they’re dealing
with is for properties that have already been rented.”
are being snapped upon first inspection.
Family homes for
rent are hard to come by in Sorrento and surrounding suburbs.
REIQ data shows
rental vacancy rates tightened dramatically in the three months to September,
plunging from a peak median of 10 percent in May down to 1.1 percent.
Most local agencies
are reporting a vacancy rate of less than 1 percent, with a rate of 0-2.5 percent considered to be "tight”.
Cat Edwards has
been searching non-stop for a rental to move into before the 30-day settlement
period on her Sorrento family home is up.
Ms. Edwards has so
far inquired on 15 rental properties, inspected four, and had another seven
inspections lined up in Sorrento and surrounding suburbs this week.
"You really have to
watch realestate.com.au every couple of hours and call as soon as anything is
listed,” she said.
"We’ve got that
added stress of only having two weeks left and we’ve got three kids.”
Ms. Edwards said she
was forced to stretch their budget to find suitable properties and were
offering above asking price in a bid to boost their chances.
more money, up to an extra $50 a week, to push our application forward,” she
"With so many
applications coming in from well-financed people from Sydney and Melbourne, the
competition is high.”
In Herron Todd
White’s November review, Gold Coast director Janine Rockliff notes an increase
in properties being leased at high rents to interstate arrivals.
"The Gold Coast
continues to be perceived as a desirable sea change for many interstate
buyers,” she noted.
"A review of recent
rental listings on the Gold Coast indicates that there are currently some
prices being paid for large, prestige dwellings.”
executive Antonia Mercorella said about 70 percent of Queensland’s rental
market was facing the tightest conditions since the Global Financial Crisis.
tightening in rental availability levels will only place additional undue
pressures on our housing sector,” she said.
"More needs to be
done to support increased and ongoing property investor activity in the
Queensland property market and the contributions they make to the state
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Friday, 20 November 2020