Gold Coast rents skyrocket as interstaters ‘try before they buy’

Expats and interstate refugees looking to ‘try before they buy’ are driving Gold Coast rents to dizzying heights.

This property at 5 Julatten Dr, Robina, was one of the most expensive rentals on the Gold Coast.

UNPRECEDENTED demand for Gold Coast rentals from expats and interstate refugees looking to ‘try before they buy’ is pushing rents to dizzying heights.

Competition for homes to lease on the glitter strip is so fierce people are offering up to $200 a week more than the asking price to try and secure a place to rent.

Local agents are being swamped with inquiries and are struggling with having enough listings to satisfy demand as high-end properties attract average rents of around $2000 a week.

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Rents for high-end homes on the Gold Coast are rising as demand outstrips supply.

Kollosche business development manager Katie Dalton said competition between locals needing to rent after having sold their own home, interstate migrants looking to ‘try before they buy’ and returning expats had created a perfect storm for the rental sector.

“We’re fielding plenty of inquiry from Sydney and Melbourne residents just wanting to get a roof over their head in Queensland and get a feel for the area before they buy,” Ms Dalton said.

“A large part of the rental market right now is locals who have sold and either can’t buy another house or prefer to rent until prices drop. In many cases, we’re working with our agents to match vendors to rental properties before they even hit the market.”

The Godl Coast is attracting strong demand from expats and interstate residents wanting to ‘try before they buy’ there.

Ms Dalton said high-end rentals were attracting multiple applications and offers well above listed prices.

“Most properties are being snapped up on that first inspection,” Ms Dalton said.

“A property we’ve just leased in Ashmore had 72 groups registered to inspect. We’re seeing a 10-15 per cent uplift in rental prices with some applicants willing to pay $100 to $150 above the listed price to secure a property.”

A four-bedroom Hamptons-style estate at 5 Julatten Street, Robina, listed by Kollosche for

$1750 a week set a suburb record when leased on the first inspection for $1900 a week.

This four-bedroom home at 5 Julatten Dr, Robina, was leased on the first inspection for $1900/wk.

Another suburb record was achieved in Hope Island, where a luxury five-bedroom waterfront

house at 2616 Virginia Drive rented to a tenant relocating from Brisbane for $3500 per week.

Ms Dalton said the rental sector was “less volatile” than it had been pre-COVID, with a higher percentage of tenants seeking to extend their lease and lock in their rent rate well before their tenancy was up.

“With everything that’s gone on over the past year, people are wanting that stability and security of knowing they have a home,” Ms Dalton said.

“For that reason, properties that would have otherwise come back into the rental pool aren’t

making it back onto the market which means the stock is even tighter.”

This property at 2626 Virginia Drive, Hope Island, was recently rented for $3500 a week.

FIVE OF THE MOST EXPENSIVE RENTALS ON THE GOLD COAST

1. 68 The Promenade, Isle of Capri

Six-bedroom, waterfront house with a sandy beach

Asking weekly rent: $4500

This property at 68 The Promenade, Isle of Capri, is for lease for $4500 a week.

2. 26 Lakeview Blvd, Mermaid Waters

Six-bedroom, waterfront house with pool and spa

Asking weekly rent: $2250

This property at 26 Lakeview Blvd, Mermaid Waters, is for rent for $2250 a week.

3. 32 Midshipman Court, Paradise Waters

Three-level, waterfront mansion with a pool and home cinema

Asking weekly rent: $3500

One of the bathrooms in the house at 32 Midshipman Court, Paradise Waters.

4. 9 The Sovereign Mile, Paradise Point

Fully-furnished, four-bedroom house with pool, sauna and private pontoon

Asking weekly rent: $2000

This four-bedroom property at 9 The Sovereign Mile, Paradise Point, is available for lease for $2000 a week.

5. 13 Allambi Avenue, Florida Gardens

Waterfront, four-bedroom house

Asking weekly rent: $1500

This property at 13 Allambi Ave, Broadbeach Waters, is for rent for $1500/wk.

(Source: Realestate.com.au)

THE GOLD COAST’S FIVE MOST EXPENSIVE SUBURBS FOR RENTALS

Suburb Property Type Median Weekly Rent (12 months)

Clear Island Waters House $850

Surfers Paradise House $820

Broadbeach Waters House $790

Benowa House $780

Mermaid Waters House $750

Bundall House $750

Bonogin House $735

Reedy Creek House $733

Miami House $700

Burleigh Waters House $695

(Source: Realestate.com.au)