Marcoola has topped the list of suburbs where rents have risen the most in the country over the past year, according to Realestate.com.au.
A RECORD exodus of city slickers to regional areas in the wake of the Covid pandemic has driven up rents across Queensland’s seachange hot spots.
Marcoola on the Sunshine Coast has seen the biggest jump in rents in the country over the past 12 months, with the median cost of leasing a house rising a staggering 78 per cent to $650 a week.
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This five-bedroom house at 11 Green Turtle Place, Marcoola, rents for $1500 a week.
The regional coastal areas of Elliott Heads, near Bundaberg, and Sunshine Beach, Sunrise Beach and Coolum Beach have also recorded rent increases of at least 50 per cent in the past year.
New data from Realestate.com.au reveals the coronavirus pandemic has impacted the costing of renting across Australia, with rents soaring in outer suburbs and regional areas, while more traditional rental markets like inner-city Melbourne and Sydney have declined.
This three-bedroom house at 44 Solway Dr, Sunshine Beach, rents for $950 a week.
Realestate.com.au data analyst Karen Dellow said demand was significantly higher than the volume of available rental properties in regional areas on the Sunshine Coast and Gold Coast, where year-on-year rental demand had increased by 100 per cent.
“This geographic shift is already affecting the volume of available rental properties in regional areas, and without a lift in rental supply it is difficult to see how the cost of renting will not continue to increase,” Ms Dellow said.
This three-bedroom house at 20 Allura Circuit, Coolum Beach, rents for $1250 a week fully furnished.
Demand for rental properties in Brisbane also remains high, with a new report from PRD Real Estate revealing the median rent for a three-bedroom house in the city increased by 3.8 per cent in the 12 months to the end of March at $405 per week.
The research found two-bedroom units are now renting for $410 per week on average — that’s higher than Melbourne’s $400 per week.
This four-bedroom house at 26 Pollock St, Balmoral, is available for lease for $1000 a week.
The Brisbane suburbs that have recorded the biggest jump in rents for houses in the past 12 months are Balmoral, Manly West and New Farm, according to Realestate.com.au.
PRD chief economist Diaswati Mardiasmo said Brisbane’s vacancy rate had “spectacularly declined” to an extremely low 1.7 per cent, bursting any myth of an oversupply.
“No doubt we are seeing a different property market compared to 12 months ago”, Dr
Mardiasmo said.
This investment property at 10 Seaward Lane, Marcoola, is on the market.
Craig Morrison, director of real estate agency, Town, on the Sunshine Coast, said suburbs that were not previously on the radar of many buyers or renters were becoming much more popular.
That’s driving up rents, which is bad news for tenants, but good news for investors.
Mr Morrison is marketing a four-bedroom investment property at 10 Seaward Lane in Marcoola that offers both commercial and residential space.
Only one street back from the beach, the three residential units in the multipurpose property currently bring in rental income of $1550 a week.
Sunshine Coast restaurateur Joey Sandagon is looking to rent a space in Marcoola. Picture: Lachie Millard.
The commercial component is a restaurant, which is currently untenanted, but has a rental forecast of $1200 per week, making it an appealing investment.
“I think buyers are pushing out a bit further due to the growth in prices now,” Mr Morrison said. “Some of these suburbs that weren’t on everyone’s radar — like Marcoola — are now because places like Noosa are so expensive.”
Seachange hot spots like Marcool on the Sunshine Coast have seen rents skyrocket.
Mr Morrison said interstate investors still considered the Sunshine Coast cheap compared to Sydney and Melbourne, and with rents increasing, they were getting good rental returns.
“It’s supply and demand. Everyone’s moving here and noone’s leaving,” he said. “People are buying sight unseen with the intention to invest and rent out now and maybe move in eventually or keep as a holiday house.
“There’s just no rentals here — people are fighting for them.”
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Rents in Queensland’s sea-change hot spots are surging. Find out which coastal suburbs have seen the biggest rises.
The post The QLD suburbs where rents have jumped the most in the country appeared first on realestate.com.au.