Regions outpace city in rental hikes as housing shortage looms
Residential housing rents in Central Queensland and on the Gold and Sunshine Coasts have increased as much as 15 per cent in the past year, leading to increases in housing stress and potential homelessness, according to CoreLogic.
Central Queensland and Sunshine Coast rents have increased 15 per cent and the Gold Coast almost 11 per cent. The median rent on the Sunshine Coast ($550) was now higher than Brisbane ($493 for houses) and the Gold Coast ($530).
There has also been a dramatic tightening of the rental listings. Nationally, it has halved in the past year, more so on the Sunshine Coast where it is now down almost 60 per cent.
In Central Queensland, it takes just four days to rent a property. In Mackay, it’s five days, Cairns six, the Sunshine Coast seven and the Gold Coast eight.
CoreLogic said the data showed tenants had to compete harder for accommodation in the major regional centres, both in terms of the money needed and the pace in decision making.
“More severe consequences of the recent tightening in rental markets include housing stress and homelessness,” it said.
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“Remarkably, rent values across the combined regional markets have outpaced city rents. Regional rent values increased three times as much as the capital city markets over the year.”
The spike in demand has been caused by fewer people moving from the regions to the cities since the onset of COVID and more people were moving from the cities to the regions.
The boost in domestic tourism had also put extra pressure on rentals and investment in regional areas had also increased pressure.
CoreLogic said creating more affordable housing in regional areas could ease rental conditions.
