Gold Coast house rents have reached a record high of $845 per week, surpassing Sydney's rents. Despite an affordability crisis, Australians are still willing to pay a premium to live by the beach. Median weekly asking rents rose by 5.6% over the March quarter, which is almost $100 more than what the average Sydneysider pays. House rents on the Sunshine Coast also reached a record high of $750 per week after a 7.1% quarterly increase. Unit rents in both cities also saw significant increases. Experts say these rental price hikes defy the nationwide trend of slowing rental prices.
Gold Coast house rents have sailed past Sydney ’s to a record high $845 per week regardless of an affordability crisis , Australians are still paying a premium to live by the beach.
Domain’s chief of research and economics Dr Nicola Powell said both cities clocked a reacceleration of rental growth in the first three months of the year which showed appetite for the coastal lifestyle hasn’t waned.“Rental growth for both house and units over the March quarter doubled … and while overall growth is lower than the peaks achieved in 2022, we still have strong levels of overseas and interstate migration in both cities.
On the Sunshine Coast, however, Powell believed the city was again in the midst of another upward cycle. “A home that previously fetched $3000 per week is renting for $2500,” Thomas said. “But once you get below $1500 or $2000 a week for rent, we still have a lot of people waiting.”
Gold Coast House Rents Record High Affordability Crisis Australians Beach Sydney Median Weekly Asking Rents Sunshine Coast Unit Rents Rental Price Hikes
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