Rental prices to soar at Burrum Heads

Australia’s housing crisis continues to worsen with little sign of any political will to fix it, and now one Fraser Coast suburb has won the dubious honour of facing the second highest rent increases in the country.

Renting is about to get tougher for tenants in one popular Fraser Coast suburb.

In fact, the cost of renting at Burrum Heads could jump by more than 50 per cent, the second highest increase for any suburb in Australia.

The quarterly HOOD.ai Tenant Report identifies the top 20 suburbs across the nation where landlords hold a clear balance of power over tenants and where that power has increased over the past year.

According to their latest report, renters in Burrum Heads could expect their rent to increase by 51.5 per cent at their next rental review.

As of May 2022, the median weekly rent in Burrum Heads is $500, up 51.5 per cent from $330 a week medium in May 2021.

If rents were to increase by another 50 per cent, tenants could be paying an average of $780 from their next review.

Rents at Burrum Heads have gone through the roof in the past year.

Speaking to the Fraser Coast Chronicle, Carter Cooper Realty principal Kim Carter said there was some hope left for those looking for a rental.

“Everyone’s attracted to the Fraser Coast because of the lifestyle and the weather, we have such fantastic weather,” she said.

“Rentals have dramatically increased over the past 12 months but we’re starting to see a change.

“We normally have two houses available, but right now we have five or six. I think it’s an indication that the frenzy’s gone, but the momentum is there.”

Burrum Heads’ vacancy rate sits at just 0.9 per cent.

HOOD.ai founder and CEO Tommy Fraser said the report highlighted the issue of rental affordability, which had received a lot of coverage during the federal election campaign.

“Vacancy rates are low in many parts of Australia, and often falling as well, which is putting upward pressure on rents,” Mr Fraser said.

“Traditionally, when renters get priced out of an area, they tend to shift to a cheaper suburb nearby, but that’s become increasingly hard in the current market, which is forcing tenants to move even further in search of affordable accommodation.”

The Bundaberg suburb of Avoca is following the trend, coming in third on the top 20 list.

Hinkler’s federal election candidates revealed recently what they would do to help the housing crisis if elected.