The median rental price on the Gold Coast reached $900 in June, as reported by the property website Domain. This increase positions the Gold Coast as the most expensive rental market in Australia.
Experts in real estate attribute this rise to ongoing shortages in housing supply and a lack of affordable new developments, which continue to exert pressure on the local housing market. Although rental prices have surged to unprecedented levels, analysts note that there are still certain areas where rentals remain comparatively affordable.
According to Domain, the median rent for houses on the Gold Coast escalated to $950 per week during the June quarter, while units averaged $850. Additionally, data from the REA Group’s PropTrack indicated that the median asking rent on the Gold Coast hit $890, reflecting a 2.5% increase over the three months leading to June.
This notable rental growth on the Gold Coast aligns with a broader national trend, where rents in combined capital cities have surged at their fastest rate in almost two years. In June, Broadbeach Waters emerged as the most expensive suburb for house rentals, with a median asking price of $1,500 per week. It was followed by Clear Island Waters, Bundall, Tallebudgera, and Benowa.
For unit rentals, Main Beach topped the list with a median price of $1,100, followed by Benowa and Burleigh Heads at $900, Currumbin at $898, and Broadbeach at $895. Nicola Powell, Domain’s head of research and economics, noted that the close alignment of median rental values for houses and units is not unusual.
“Units are often located in prime coastal or inner-city areas, which drives their prices higher,” she explained. Powell emphasized that the factors contributing to this rental growth were in place before the recent capital gains tax and negative gearing changes introduced in the federal budget in May.
“Current market conditions are enabling these rent hikes,” she added. “With three interest rate increases this year and insufficient rental supply, the market still favors landlords.”
However, Powell highlighted that the Gold Coast does not function as a singular rental market. The northern part of the city, experiencing rapid population growth, had the highest percentage increase in rental prices over the past year while still being the most affordable area for renters.
Pimpama was identified as the least expensive suburb for house rentals, with a median asking price of $743, closely followed by Willow Vale at $750 and Labrador at $775. For unit rentals, Nerang emerged as the most affordable at $650, with Ashmore at $685 and Labrador at $700.
“It’s important to remember that there isn’t just one rental market on the Gold Coast,” Powell stated. “Tenants seeking more affordable options should conduct thorough market research, as some areas have experienced significant rental growth while others have seen stability or slight declines.”
Antonia Mercorella, CEO of the Real Estate Institute of Queensland (REIQ), remarked that the recent rental statistics are “not surprising but noteworthy.” She pointed out that ongoing supply shortages, combined with a high proportion of luxury new builds, are driving rental prices upward.
“The established housing market is under immense pressure because the new constructions tend to be very expensive and out of reach for many residents in Queensland,” Mercorella said. The Gold Coast’s rental market remains extremely competitive, with a vacancy rate of just 1.1%, according to REIQ data.
Mercorella stated that a healthy vacancy rate should ideally fall between 2.6% and 3.5%. “When the vacancy rate is within this range, renters have more options and flexibility, leading to a more balanced environment where rents can stabilize,” she explained. She emphasized the urgent need for more affordable housing developments on the Gold Coast and in other areas of Queensland.
