Rental cost of Parkwood house causes shock among locals

Locals have reacted with astonishment to the cost of renting a four-bed home in the suburbs. Here’s what you get for the eye-watering weekly rate.

Eyebrows have been raised after a Parkwood property which was last rented for $580 per week in May 2020 was put back on the market – with $995pw the new asking price.

11 Zoeller Drive in Parkwood, which property records show was last sold for $287,000 in December 2002, has four bedrooms, two bathrooms and a laundry. It has a balcony and a garden but no pool.

The new tenants will also be expected to put down a bond of $4500.

11 Zoeller Drive in Parkwood, which is available for rent for $995pw.

11 Zoeller Drive in Parkwood, which is available for rent for $995pw.

The high asking price – up 71.5 per cent in two and a half years – has surprised locals despite the eye-watering rise in rental costs recorded across the Gold Coast.

“Does it come with a cleaner and cook?,” one person asked on social media.

“At $1000 a week it should have a helipad too,” another said.

11 Zoeller Drive in Parkwood, which is available for rent for $995pw.

11 Zoeller Drive in Parkwood, which is available for rent for $995pw.

However despite the shock expressed by many people, figures from SQM Research show the price asked for the Parkwood property is consistent with rising rental costs seen across the city.

According to figures from the respected consultancy, the average median rent for houses in the Gold Coast now sits at $994pw.

SQM figures show the average rate across the city in May 2020 was $575pw.

Rental vacancy rates remain extremely low across the Gold Coast, although there has been a slight improvement in the last few months of 2022, especially in the northern Gold Coast where it has now reached 1.2 per cent, up from a low of 0.5 per cent in March.

11 Zoeller Drive in Parkwood, which is available for rent for $995pw.

11 Zoeller Drive in Parkwood, which is available for rent for $995pw.

According to the St Vincent de Paul Society, the rising cost of housing is hitting families hard this Christmas.

“Housing is simply unaffordable for many Australians and rental costs have skyrocketed, particularly in regional Australia,” National President Claire Victory said.

“Commonwealth Rent Assistance (CRA) has not kept up with these rental increases and must be urgently increased in order to help vulnerable Australians secure housing.”

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Originally published as Rental cost of Parkwood house causes shock among locals