THE GOLD Coast’s already tight rental vacancy rate has constricted to an all-time low.
According to REIQ December quarter rental data, the vacancy rate of the Coast is just 1.1 per cent, dropping from 1.9 per cent the quarter before.
The Coast is now one of the tightest rental markets in the state.
“Markets that remain consistently tight will eventually see upward pressure on rents,” said REIQ CEO Antonia Mercorella. “It’s no surprise that the Gold Coast, which has officially been classed as a tight market for the better part of the past five years, is the most expensive place in Queensland to rent a three-bedroom house or a two-bedroom unit.”
The only other quarter that saw the vacancy rate dip to 1.1 per cent was in December 2015.
Where you should invest in rental property on the Gold Coast
THE GOLD Coast has dominated a new report revealing the ‘best rents’ suburbs across Australia
IF you’re looking to invest in property on the Gold Coast, these suburbs are where you should be looking.
The Gold Coast has dominated a new report revealing the ‘best rents’ suburbs across Australia, with units in inner localities leading the way.
Reedy Creek (number 4), Elanora (number 8) and Merrimac (number 10) all made the top ten in the Top Rental Performers Report — the Gold Coast was the only region to have multiple suburbs in the top ten ranking.
The report, compiled by CoreLogic using data to October 2017, listed 74 suburbs where houses or units have an estimated gross rental yield of 5 per cent or more per year.
Suburbs also had to demonstrate solid rental yields, consistent rental growth and vacancy rates of less than three per cent.
Units lead the way with the top three Gold Coast suburbs ranked due to the rental apartment market over the past 12 months.
Reedy Creek recorded 5.3 per cent increase and 6.3 per cent gross rental yield in median rent; in Elanora, the median rent rose by 6.9 per cent and investors received a 6.1 per cent per year return.
Merrimac was the fastest mover with a median rent hike of 12.5 per cent delivering a 6.1 per rental yield.
The Coast suburb that performed the best rental return for houses was Tugun, ranked #29 on the list overall.
In total, 12 Gold Coast suburbs made the Top Rental Performers Report, with Reedy Creek and Tugun ranked twice for high rental returns in both units and houses.
Queensland recorded the highest state ranking with 24 suburbs on the list, followed by New South Wales with 19, Tasmania with 18, ACT with 10 and Victoria, three, while the remaining two states didn’t make the list.
Does your suburb have the best rents?
#4 Reedy Creek (units)
#8 Elanora (units)
#10 Merrimac (units)
#15 Ashmore (units)
#29 Tugun (houses)
#30 Currumbin Waters (units)
#33 Mermaid Waters (units)
#39 Burleigh Waters (units)
#41 Helensvale (units)
#45 Miami (units)
#58 Highland Park (houses)
#70 Reedy Creek (houses)
#73 Tugun (units)
#74 Coombabah (houses)
So with the Commonwealth Games coming and continued spending on infrastructure the Gold coast is looking like the place to be for a while now.