Sunshine Coast, Noosa real estate: Data reveals lowest vacancy rates

Labour shortages, lack of social housing and development delays are playing a part in the Sunshine Coast and Noosa real estate markets with the worst areas for vacancies revealed.

Five suburbs across the Sunshine Coast and Noosa have been pegged as some of the hardest to break into in Queensland with renters desperately searching for more affordable housing.

A Rental Crisis Report commission by Rent Rabbit has revealed Cooroy, Currimundi, Beerwah, Bli Bli and Marcoola as five Sunshine Coast and Noosa markets with a rental vacancy rate below one per cent.

The data is based on its vacancy rate along with statistics of how much of their average weekly household income is shared for their median weekly rent.

Cooroy took out the top gong with a vacancy rate of 0.6 per cent with 61 per cent of a household’s income going to rent followed closely by Currimundi with 0.7 per cent vacancy rates and 52 per cent of household income going to rent.

Beerwah, Bli Bli and Marcoola were also part of the top 20 suburbs in Queensland with the lowest rental vacancy rates.

Countryside Realty Noosa principal Robyn Kildey said the rental market in the hinterland area of Cooroy was hard to break into at the moment.

“It has a flow on effect with restaurants in Noosa that only open two to three nights a week because they can’t get staff.

“This is the reason why, because if you’re a waiter, barista or barman, how are they going to get into the market.”

Ms Kildey said there was a distinct lack of social housing options in Cooroy, especially those that can cater to people with lower incomes.

Mary River Road, Cooroy.

First National Real Estate property consultant Bradley Peet said an ongoing lack of building supplies and labour had also led to a decrease of new homes hitting the market, particularly around Bli Bli.

“This lack of supply has caused a lot of the new homes coming onto the market to slow down and cause delays,” Mr Peet said.

“We have one duplex development coming up in Black Swan Cct (in Maroochy River) which has been delayed for three months so these kind of shortages make it hard for people trying to find rentals.”

In the riverside suburb of Bli Bli in between the hinterland and the coast the vacancy rate was 0.3 per cent with 44 per cent of household income going to rent.

Mr Peet said this lack of supply was pushing “savvy” tenants to look elsewhere from populated areas.

Marcoola has a vacancy rate of 0.7 per cent according to the latest rental data.

“With so much more information at their fingertips they’re willing to accept an extra 10 minute drive if it means cheaper rent,” he said.

“For the most part tenants have been creeping up their budgets to match the market which has increased dramatically since Covid.

“Before Covid we had four bedroom homes being rented for $550 a week, now you’re talking maybe $750-800 a week.”

Redwood Ct, Currimundi.

Parklakes Central is among the projects in the pipeline that could help alleviate the housing crisis.

Applications were lodged for the development with Sunshine Coast Council in February 2022.

The master plan includes housing, a retirement village, supermarket, parks and a lake on Lefoes Rd, Yandina Bli Bli, Rd, and Thomas Rd.

Covey and Associates director Kevin Covey, acting as project manager and consultant, said there was a real issue of workers being priced out of the market.

Mr Covey said Parklakes Central was among one of the only development sites north of Maroochydore.

“The rate of growth is far greater than the rate of new housing creation,” Mr Covey said.

“Without further development in these areas, the housing market is going to continue to struggle and prices in these areas to rise, pushing out families and lower income earners, leading to a further decline of the workforce.”

So what are some tips for keen renters who are searching for a home?

Mr Peet said aspiring tenants should come prepared when applying for homes, which means having all types of documents ready, including identification, as you will be competing with dozens of others.

“If you can’t go to an inspection you can actually have virtual tours on Facetime who can take applications on scene after you sign a waiver,” he said.

“Just have everything ready to go because agencies are looking to rent out homes as soon as possible so if you miss out and you have your documentation ready to go we can find another property off market.

“If that doesn’t work we can at least have an answer back to you as quickly as we can so you can keep looking.”

Originally published as Sunshine Coast, Noosa real estate: Data reveals lowest vacancy rates