Sunshine Coast and Gold Coast top Queensland rental market

New data has revealed the cheapest and most expensive regions to rent a property, with the Sunshine and Gold Coasts now more expensive than most major cities.

New data shows it is more expensive to rent in the Sunshine and Gold Coasts than in most capital cities. Picture: John McCutcheon

Renters in the Sunshine Coast and Gold Coast are now paying more for homes than those living in the nation’s capital cities, as rents skyrocket at the fastest rate since the pandemic.

Weekly rents rose by 3.17 per cent on the Sunshine Coast during the March 2023 quarter, and by 10.17 per cent over the past 12 months.

The median rent price for homes on the Sunshine Coast now sits at $650 a week, $100 more than in Brisbane, according to data released by PropTrack.

The average price for a rental on the Gold Coast is $680 per week.

The PropTrack data shows the Sunshine Coast and Gold Coast exceeded other major Queensland regions, such as Cairns, Townsville and Toowoomba, where the median rent is between $320 and $450.

It showed median prices rose across every region in Queensland, up 6.7% to $395 in Central Queensland, up 7.14 per cent to $450 in Mackay and up 12.82% to $440 in Wide Bay, in the past 12 months.

Regional Queensland is the most expensive place to rent within the Australian regional market. Picture: Glenn Hunt

Sunshine Coast real estate agent Greg Glover said he has noticed changes in the rental market, as well as more people looking to form share house living arrangements to combat the high cost of rents in the region.

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“The rental prices have gone up and if you are on a low income, or a pension you will find it very difficult to be able to afford something,” Mr Glover said.

“After the pandemic we have had a lot of people moving up from the south, migrating into Queensland.

“We are seeing people form more groups and share houses to make it more affordable, three or four people are now living in a property that previously would have just housed just a couple, everyone is combining their incomes to get a property.”

Mr Glover said the most affordable suburb is Nambour, but he has also noticed people moving to Gympie and commuting back to the coast.

Senior economist at PropTrack Paul Ryan said regional Queensland was the most expensive place for Australian renters looking in the regional market for properties.

“In regional Queensland, rents were up 1% in the March quarter, sitting at $500,” Mr Ryan said.

“Regional Queensland has the most expensive rents of all regional markets in the country.”

Mr Ryan said the tight rental market conditions were expected to continue.

“With rental market conditions extremely tight, we expect rental prices will continue to climb,” Mr Ryan said.