Rent increases on the Sunshine Coast revealed: Hikes of up to $275 a week

The cost of renting a home has increased $275 a week in one Sunshine Coast suburb – but there are more than a dozen places where rents are more affordable. See the full list including the spots where rents are dropping.

The cost of renting a home on the Sunshine Coast has soared by more than $100 a week in the past year for about 20 suburbs.

Rent hikes have exceeded more than $100 a week in about 20 suburbs across the Sunshine Coast with one suburb now sitting at a staggering $1175 a week median.

New data from PropTrack shows Sunshine Beach has gone from $900 in February last year to $1175.

Tanawha near Buderim has soared $200, Aroona has climbed $170, Mons $148, Marcus Beach $155, $ Alexandra Headland $143, while median rent is up $130 a week in Moffat Beach.

Golden Beach, Woombye and Mooloolah Valley have all had rental increases of $100 plus.

At the other end of the scale, Pomona rent has dropped $160, from $660 to $600, while Forest Glen has dropped $120, and Coolum Beach $55 from $780 to $725.

According to PropTrack data, the median rent on the Sunshine Coast for houses has increased to $690 for February, up from $500 four years ago – a 38 per cent increase.

SEE WHAT IT COSTS TO RENT ON THE COAST SUBURB BY SUBURB BELOW

Rental accommodation has been in high demand in Caloundra on the Sunshine Coast.

The cost of renting a unit has increased to $550 from $400 – a 37.5 per cent increase.

In comparison, the median cost for a Gold Coast home has gone to $750, up from $520 – a 44.2 per cent increase.

The cost of renting a home in Wide Bay has soared 42.86 per cent from $315 to $450.

In Central Queensland, the average home is costing $420 a week, up from $285 four years earlier – a 47.37 per cent increase.

On the Gold Coast glitter strip suburb of Surfers Paradise, tenants are now paying an average $1475 a week for a house.

A dive into the Census figures shows the huge change that has happened on the Sunshine Coast.

Noosa Heads is in high demand for top of the market rentals.

Just two short years ago, more than 10,000 people were living in accommodation for under $350 per week, according to the 2021 ABS Census.

This one bedroom place at Sippy Downs was available for $350 looked one of the most modern available to rent.

But now, search on realestate.com.au reveals just 9 properties under that price cap – most of them shared accommodation.

On the other end of the spectrum, the rich and famous can rent luxurious properties with all the trimmings for a $1000 to $1500 per week.

And if that‘s not enough to satisfy their appetite for extravagance, a stunning four-bedroom, three-bathroom home in Noosaville can be rented for a staggering $4000 per week, complete with free internet.

This stunning Sunshine Beach property was listed to rent at $3000 a week.

For those with even deeper pockets, homes with private pools in Noosa Heads and Sunshine Beach can be rented for more than $4000 per week.

But the harsh reality is that the rental crisis is hitting hardworking, low-paid workers the hardest.

AVERAGE COAST HOME NOW AT $950,000

With the median listing price for houses on the Coast now sitting at a staggering $950,000, up almost 19% in the past year and nearly 50% over the past two years, finding affordable accommodation has become near impossible.

A beautiful Bli Bli home with a pool and a view was listed to rent at $1700 a week.

According to SQM Research‘s Weekly Rent index, the average rent for a house on the Sunshine Coast is now just over $700 per week, which is actually down 3% on the rolling month change but up a staggering 12% over the past three years.

Even a two-bedroom unit will set renters back about $580 per week.

The rental crisis has been attributed to a massive migration to the regions due to COVID-19, which has pushed up real estate prices across Australia.

NOOSA HEADS MEDIAN HOME PRICE AT ALMOST $2M

Maroochydore now has a median price topping $1m, while Caloundra is slightly more affordable at $865,000, which is actually down 6.5 per cent on the past year. Noosa Heads’ median price is almost $2 million.

Nambour has soared 13.3% in the past year with a median price of $680,000.

A look at the Census figures for 2021 shows the spread of rental accommodation.

Back in 2021, few than 9000 people out of about 40,000 renters were paying more than $650 a week on the Sunshine Coast.

On the other end of the scale, 245 people paid just $1 to $74 in rent, most of them in public or community housing or living with another person.

This Peregian Beach property was available to rent for $280 a week.

More than 31,000 paid from $275 a week through to $750 a week, the vast majority of through a real estate agent.

More than 3000 people on the Coast were living in public or community housing at the time of the last Census.

Owen Wilson, chief executive officer of the REA Group, publisher of realestate.com.au said rental inquiries grew by more than eight per cent last year and is projected to continue growing.

Mr Wilson reports that demand is now 140% higher than pre-pandemic levels.

Properties available to rent under $400 per week nationally now represent just 17.6% of the market, down from 32.8% a year earlier and 42.5% at the start of the pandemic.

Originally published as Rent increases on the Sunshine Coast revealed: Hikes of up to $275 a week