New figures have confirmed what we already knew – that finding a rental property on the Gold Coast is like trying to find a needle in a haystack.
According to the latest market data from PropTrack, the city’s rental market remains extremely tight, with vacancy rates dropping to -0.25 per cent in the last three months.
The vacancy rate on the Gold Coast now sits at a staggering 0.9 per cent, which appears to be a similar story right across the state, with the Queensland vacancy rate reaching a new low below 1 per cent.
The national rental vacancy rate also moved even lower in September, dropping 0.06 percentage points to reach a new low of just 1.06%.
The proportion of rental properties sitting vacant across the country is now 55% below March 2020 levels.
“Rental conditions deteriorated further in September, with the proportion of rental properties sitting vacant hitting a new low,” A PropTrack spokesperson said.
“Vacancy was down in both capital city and regional areas, with renters feeling the squeeze across the country.
“Vacancy is now sitting well under 1% in three of Australia’s capital cities and more markets are expected to fall below 1% over the coming year as demand continues to grow.”
The bad news doesn’t stop there, with experts warning it’s only going to get worse on the hip pocket as well.
“Declining vacancy rates are increasing competition for rentals and placing growing pressure on rents,” the spokesperson said.
“As a result, rents are predicted to continue rising at above-trend levels over the coming months, particularly in the capitals.”
