Queensland rents soar as homes become harder to find

The Sunshine Coast had Queensland’s largest year-on-year increase in weekly rents, up 18.8 per cent.

Tenants have been slugged with the biggest rise in rents in years, up 18.8 per cent in Queensland’s hottest region, at a time when new listings are at their lowest level since April 2010.

The REA Group’s quarterly PropTrack Rental Report January 2022, out Wednesday, found rents were up 4.7 per cent nationally while new listings fell 27.2 per cent, the biggest drop in almost 12 years.

PropTrack found the Sunshine Coast had Queensland’s largest year-on-year increase in weekly rents, up 18.8 per cent, which was almost matched by its year-on-year increases in total rental listings (up 19.1 per cent). The Gold Coast was also in the national top 10 for rent increases, rising 17 per cent in 12 months.

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Cameron Kusher, REA Group Director of Economic Research

“The rapid growth in rental prices in most parts of the country indicates demand for rental accommodation is outstripping supply, which is a common theme throughout most of the metrics analysed in this report,” according to PropTrack economic research director Cameron Kusher. And he expected the situation to tighten further as borders reopened with Brisbane already hitting record lows for the time it takes to rent a property out at just 17 days now, down from 19 a year ago.

“With international borders reopening, it’s likely that the coming months will see the excess rental stock in inner city areas reduce as migrants come back and occupy those properties. The reopened borders could provide further challenges as the return of travellers, both domestically and internationally, sees landlords contemplate moving their rental properties from long-term leases to short-term letting.”


Vacancy rates are tight across the state. Picture: Brendan Radke

“Without an influx in new rental supply it seems likely that we will continue to see properties being snapped up quickly. The ongoing tight rental conditions are also expected to result in further increases to rental rates. In regional areas, we may start to see some pressure ease as people make the shift back to the city or they purchase homes locally after having rented for a while and having decided to stay.”

He expected the strong investment conditions to add to rental supply, though it could take all year to work its way through the system.

“With more investors purchasing properties this will in turn add to the rental supply and hopefully ease some of the surging rental prices.”


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