Gold Coast house rents have soared, overtaking Sydney and Melbourne to become Australia’s most expensive rental market, shock new figures reveal.
Ray White data shows renters on the Glitter Strip pay a median weekly rent of $950 for a house, higher than Sydney at $810 and well above Melbourne at $575.
Perth houses now rent for $700 per week, ahead of Adelaide at $625 and Brisbane at $675.
The Gold Coast is the most expensive rental housing market in the country.
Major city house rent growth.
“The relative cost of renting now varies sharply between cities,” said Ray White Group chief economist Nerida Conisbee.
“Historically, Sydney and Melbourne have dominated the upper end of the rental market. “Today, lifestyle and smaller capital markets are competing at the top of the pricing spectrum.”
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22 Keppel Way, Coomera is on the rental market at $925 per week. Source: realestate.com.au
The data showed the Gold Coast continued to lead capital city growth for houses at 8.6 per cent annually, followed by Hobart and the Sunshine Coast.
Perth, Adelaide and Brisbane remained positive but were moderating.
Sydney was recording modest annual growth of 1.2 per cent, while Melbourne has edged slightly lower over the past year.
“The national picture is one of stabilisation – but not broadbased decline,” Ms Conisbee said.
Australia’s weekly rent cycle over 10 years.
She said while Australia’s rental market was no longer accelerating at the pace seen through 2022 and 2023, it was far from weak.
“National weekly house rents are now $650 and unit rents $630, with annual growth running at 4.8 per cent for houses and 4.2 per cent for units,” she said.
“Monthly growth has flattened at a headline level, suggesting the surge phase has eased. “However, beneath the national average, conditions remain firm in several parts of the country.”
18 Riverina Court, Nerang is up for rent at $980 per week.
In units, Perth and the Gold Coast are both sitting at $650 and $770 respectively, while Sydney remains high at $730.
Melbourne remains comparatively affordable at $580.
Ms Conisbee described Australia’s rental market as “recalibrating”.
“Supply constraints remain structural, and population growth continues to underpin demand in both capital cities and regional centres.
“The surge phase may be behind us, but rents are not retreating nationally.
“Instead, Australia’s rental market is recalibrating, with sharp differences in cost and momentum between cities.”
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