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Gold Coast rental vacancies at record lows as tenants battle for homes

Gold Coast rental vacancies

The number of properties available for rent on the Gold Coast has hit an all-time low as tenants battle to secure properties across the city.

After hitting a vacancy rate of 10 per cent in May at the height of the COV ID-19 pandemic, the vacancy rate across the Gold Coast has plunged to just 0.9 per cent in the December quarter according to figures from Real Estate Institute of Queensland.

Southern suburbs of Gold Coast have fared the worst where the overall vacancy rate is at just 0.3 per cent.

In Miami, it’s fallen to just 0.2 per cent with Palm Beach and Currumbin not far behind on 0.3 per cent, while Varsity Lakes is on 0.6 per cent and Broadbeach on 0.8 per cent.

Surfers Paradise, which felt the biggest brunt of the exodus from the rental market has now bounced back to pre-pandemic levels.

The suburb had 2,100 available properties nine months ago, but now has a vacancy rate of just 0.7 per cent.

In the northern part of the Gold Coast, the average vacancy rate has fallen to just 0.6 per cent.

Oxenford has a vacancy rate of just 0.1 per cent, closely followed by Runaway Bay (0.5 per cent), Arundel (0.6 per cent), and Labrador and Southport, both with a vacancy rate of 0.7 per cent.

REIQ Chief Executive Officer Antonia Mercorella says urgent action from governments is needed to address the shortage.

“Every Queenslander should have access to a safe, secure and affordable home that meets their needs and supports them,” Ms Mercorella said.

“That’s why the Palaszczuk Government should consider abolishing stamp duty. It’s the most significant barrier to home ownership, discouraging housing turnover, restricting mobility and property investment – something we desperately require.”

The competition for rental properties has seen a spike in prices across the city.

A report from Domain released last week found the median cost of renting a house on the Gold Coast had risen by 3.8 per cent in the December quarter to $540 a week.


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Local News

Council-owned housing left empty amid south-east Queensland rental crisis

Council-owned housing left empty, will be purchased by the state to create more housing for vulnerable residents

The Queensland will buy a council property sitting idle amid a rental and social housing crisis, to create more housing for vulnerable residents.

The Rochedale South property in Logan, owned by Logan City Council, was originally intended to create affordable rentals for pensioners but has been mostly empty for the past year.

Resident George Wright said he’s been at the property for 15 years, agreeing the empty units were “absolutely” a waste.

“I pay about $200 a week,” he said.

“It’s a nice little unit for single pensioners.”

The rental availability in Logan is currently just 0.7 per cent, with several across south-east Queensland forced to sleep in their cars due to an increasingly challenging market.

Seven of the 12 units in the Rochedale South property are currently unoccupied, prompting a push for the government to put the units to use.

“I’ve even said to council, if you haven’t got anybody to occupy them, I’ll give you someone to occupy it,” Logan Ratepayers Association president Rod Shaw said.

Negotiations are underway for the council to sell the property to the state government.

The State Housing Department has signed a lease to take over the vacant units and provide more social housing.

New tenants are expected to move in by the end of this month.

“They’ll do for pensioners, ladies who’ve suffered domestic violence, homeless people,” Shaw said.



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Gold Coast

Townhouse-style dwellings set for Burleigh Heads site

Townhouse-style dwellings set for Burleigh Heads

Burleigh Heads is one of the most popular suburbs across the whole of the Gold Coast when it comes to multi-res apartment developments.

Given how in demand higher density projects are, it’s rare to see a boutique project in the pipeline.

A recent development application lodged by K2H Developments, in a joint venture with Golconda Property Group, will see just four townhouse-style dwellings created at 8 Bullimah Avenue – just one street back from Tallebudgera Creek and just the other side of the Gold Coast Highway from Burleigh Head National Park.

They will be built on the 550 sqm site and will each have three-bedrooms and two-bathrooms across the three levels, as well as a garaging for two cars.

“Each dwelling has been carefully designed to make the best use of the site whilst enhancing the visual appreciation of the site,” UPS said in their development application documents.

Designed by Mi Design Studio, the ground floor will include the garage of each unit and a mud room and store area. The rear of each residence will also include the bin store and clothesline and a small landscape strip.

Each dwelling is benefitted by their own separate access with unit one with its own private access from a separate entrance off Bullimah Avenue and unit four accessed from the rear. Each dwelling has access to the floors above by way of stairs and lift.

The first floor will home the three-bedrooms and two-bathrooms, including an ensuite, with the second-floor featuring the living, kitchen and dining areas, following an open-plan layout that flows seamlessly onto the adjoining balcony areas.

The roof terrace will be open in nature, providing a private open space for the occupants of each dwelling, benefiting from views around the site. The space will also include a stairway, lift, powder room and laundry.

Each unit has a north-eastern aspect with units one and four also benefitting from aspects to the east and north-west respectively.

Benefiting from close proximity to a number of public transport, retail, dining, education and entertainment options, the site is within walking distance to the Koala Park neighbourhood centre, just 1.2-kilometres to Stockland shopping centre and 100-metres from a bus stop along the Gold Coast Highway.

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Double Bay mansion hits market with jaw-dropping $28 million price guide

Double Bay mansion hits market

A sprawling mansion in Double Bay has hit the market with an eye-watering $28 million price guide.

Representing one of the largest private landholdings in the uber-affluent locale, 11 Pinehill Avenue is being offered for sale for the first time in over 50 years.

The staggering abode is spread over a scarcely believable 2300-square-metre parcel of blue-chip land, tucked away at the end of a quiet, leafy cul de sac.

The main residence is a breathtaking two-story Federation home with great bones and a resoundingly charming aesthetic.

Boasting a total of six bedrooms and four bathrooms, the abode’s interior has, however, been refurbished and redesigned to present as a much more contemporary and functional proposition.

Features include an expansive formal lounge area, formal dining room, a bar, wine cellar, study, library, professional kitchen, and a master suite with his and hers walk-in robes.

Outside, manicured grounds and established flora are complemented by an expansive pool, spa and lounge area, as well as a lock-up two-car garage.

The eye-watering asking price may sound patently absurd to some. However, considering Double Bay’s median house price currently sits at a not unsubstantial $6.5 million, just the sheer size of the block is probably enough to warrant an asking price nearly four times as much as the median.

And, according to Domain’s data, the platinum postcode’s property witnessed skyrocketing values over the course of 2021, up 52.4 per cent compared to 2020.

So, there’s every chance that, if things in Australia’s hottest property market keep going the way they have been, 11 Pinehill Avenue may well be worth a lot more in just a few short years, crazy as that may sound.



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