The rental crisis on the Gold Coast has worsened with vacancy rates at their lowest level on record.
The continued surge in interstate migration has seen the number of available properties on the Glitter Strip continue to plunge.
According to the Real Estate Institute of Queensland, vacancy across the entire city fell from 0.9 per cent in the December quarter to just o.6 per cent in the March quarter.
That’s the lowest level since records began 15 years ago.
Oxenford is the hardest suburb on the Gold Coast to find a rental property with a vacancy rate of just 0.1 per cent.
Across the northern suburbs, Biggera Waters and Hope Island have a vacancy rate of just 0.5 per cent, while it’s 0.6 per cent in Coomera and Pimpama.
In the south Tugun’s vacancy is at just 0.3 per cent, Burleigh Heads and Currumbin it’s 0.4 per cent and Palm Beach has a vacancy rate of 0.5 per cent.
In the west, Nerang has a vacancy rate of just 0.4 per cent while in Ashmore and Parkwood it is 0.5 per cent.
It’s a similar story across many parts of Queensland with over 70 per cent of the state having a vacancy rate of 1 per cent or less.
REIQ CEO Antonia Mercorella is calling on the state government to take immediate action to resolve the crisis.
“The rental sector plays a critical role in Queensland’s housing system and the role and size of our investor market has never been so important,” Ms Mercorella said.
The State Government say they want to help households transition from community housing to housing in the private rental market. Given that, more needs to be done to better support both increased and ongoing property investor activity in the Queensland property market and the contributions they make to the State economy.”
REIQ also wants changes to the First Home Owner Grant so first home buyers can purchase an existing home.
The grant currently only contributes to the purchase of a new home.
Article Source: www.mygc.com.au
Residents in one of Australia’s fastest-growing cities are forced to sleep in cars as rental crisis bites
The rental situation in one of Australia’s fastest growing cities is so dire that desperate renters are having to sleep in their cars and in caravan parks.
Rental vacancy rates have plummeted below one per cent in most parts of the Gold Coast – down to below half a per cent in many suburbs – including Burleigh, Arundel, Coolangatta, Coomera and Varsity Lakes.
The rental squeeze is being driven by a range of factors, including Covid refugees coming from Melbourne and Sydney and also returning home from overseas.
The Gold Coast has long had steep population growth but if anything it appears to have increased in recent years and the city’s housing is evidently not coping.
Leading demographer Mark McCrindle said recently population projections keep changing and the city reach a population of one million by 2034 – 16 years earlier than previously expected.
The imbalance between available properties and people who want them is so severe that it is creating an accommodation crisis leading to a homelessness problem in the city many Australians falsely romanticise as a dream place to reboot their lives.
Vicky Rose, manager of the Nerang Neighbourhood Centre, told Daily Mail Australia that 80 per cent of her enquiries are about ‘accommodation stress’, with increased homelessness inevitable.
‘We are saying ‘don’t come here’, unless you have a job and plenty of money behind you,’ she said said.
‘People dream of the sun, surf and sand and yes it’s a great holiday destination, but it’s not a great place to live unless you can afford it.
‘The coast of living is up there with Sydney and Melbourne and people mistakenly assume its going to be cheaper.’
She said shonky landlords are making the situation worse by trying to cash in on the red hot market.
‘There’s a marked marked increase in long terms tenants – average joes – seeing their tenancy ended abruptly because they can’t increase the rent as much as they want.
‘So the owner kicks the tenants out saying they want to renovate, they paint one door and put it back on the market for an extra hundred dollar a week.’
Two property managers Daily Mail Australia spoke to both said the rental market was busier than they’d ever seen it, with applications for properties flooding inboxes.
Misty Kelly, of agency The Blue Door had received 50 enquiries and seven applications within two days of listing a four bedroom house with a pool at Upper Coomera, 26km from Main Beach.
‘There’s a huge demand, not enough properties and that creates a lot of pressure,’ she said.
‘People are sounding desperate.’
‘I’ve been an agent for 15 years and this is nothing like I’ve ever seen before.’
Ms Kelly said because there is more demand than supply, she advises young people not to move out of home because ‘prices are inflated’.
‘They need to let those people really in need get a property and not go homeless.’
Aside from people moving from interstates, she’s also seen people coming home from overseas move into their investment properties.
Carmen Kennedy, of Coomera Realty told the Gold Coast Bulletin people are ‘desperate’.
‘They were just so desperate, staying in cars and sleeping at caravan parks. It’s been pretty tough couple of months for people out there,’ she said.
Both Tallebudgera Creek Tourist Park and Ashmore Palms Holiday Village confirmed to the Daily Mail they had seen increases in people booking in because they couldn’t find a home to rent.
‘I’ve never seen it like this before,’ Carly Stanaway of JW Prestige, told Daily Mail Australia.
‘A lot of people are struggling, they are all applying for same property at once,’ she said.
‘They keep putting in applications getting knocked back, even though they have good applications, it’s just because so many people are applying.’
She was holding two open houses within two days of listing a modest brick semi at 30 Bullimah Avenue, Burleigh Heads, where the rent looks Sydney-like at $750 a week.
The suburb’s vacancy rate is just 0.4.
Article Source: www.dailymail.co.uk
Controversial Burleigh Theatre Tower Wins Support
The Gold Coast City Council’s planning committee has voted four-three in favour of new plans for an apartment tower above the old Burleigh theatre and arcade.
Sydney-based developer Weiya Holdings amended the plans after receiving 86 submissions and a petition objecting to the development at 64 Goodin Terrace and 1823 Gold Coast Highway, Burleigh Heads.
The new plan, designed by Conrad Gargett, reduced the number of apartments by six to 30 with adjustable screens on the western façade as well as four commercial tenancies, a gym and podium-top pool.
The 14-storey tower will be called the De-Luxe Apartments after the mid-century De Luxe Theatre and Old Burleigh Arcade, which were incorporated into the design.
Council officers said the adaptive reuse included several improvements to the heritage building but finishes and colours used on the theatre would have to be investigated.
“The proposed design retains the majority of the significant fabric at the front of the site,” the officers said.
However they suggested a few minor amendments to the plans including changes to the proposed shopfronts of the beachfront theatre.
Weiya purchased the 1667sq m site for $18.5 million midway through 2019 and lodged plans to develop the site a year later.
The majority of concerns about the application surrounded the heritage building and its lack of reference in the new design, however this was an intentional decision by the developer which was supported by the council.
The proposal is due to go before a full meeting of the council next week.
Meanwhile, the council is currently planning improvements to public space in Burleigh including adding trees, seating, a large mural and festoon lighting along James Street as well as moving pedestrian crossings.
Article Source: www.theurbandeveloper.com
Dreamworld to build $75 million resort under new agreement
Dreamworld could soon have a $75 million resort and tourist park across the road in Coomera.
The company entered a non-binding agreement on Wednesday with accommodation developer Evolution Group to fund and build the resort on the land owned by the theme park’s parent company Ardent Leisure.
The hotel would include 240 four-star rooms, 40 bungalows and a five-star tourist park with 100 powered sites and restaurants, conference facilities, pools and a gymnasium.
Dreamworld Resort guests would also have offers to access the Dreamworld and WhiteWater World theme parks throughout their stay.
Dreamworld chief executive officer Greg Yong said the arrangement would boost tourism.
“This announcement is another positive step in the recovery of our parks post-COVID and will have a significant economic impact not only for Dreamworld, but also for the northern Gold Coast, one of Australia’s fastest-growing regional corridors,” he said.
“The project will create employment within the local community and contribute to the regeneration of tourism on the Gold Coast.
“The hotel and tourist park will complement Dreamworld as a premium entertainment destination and add a new level of convenience for guests who will have our theme park and water park on their accommodation’s doorstep.”
Queensland theme parks were forced to close in March last year because of the coronavirus pandemic and Dreamworld and WhiteWater World reopened in August, offering discounted tickets in an attempt to attract people in for the September school holidays.
Evolution Group boss John Robinson jnr said he looked forward to collaboratively delivering high-quality accommodation options for guests.
“The Evolution Group team is a family company providing over 2200 rooms around Australia through our resorts and accommodation houses,” he said.
“Having Australia’s favourite theme park on the doorstep of this development will certainly provide guests with action-packed getaways.”
Dreamworld and Evolution Group would work together to obtain planning approvals, while Ardent Leisure would explore options to maximise the value of its surplus land.
Article Source: www.brisbanetimes.com.au
Property Management6 years ago
7 Common GST Mistakes On Property
Residential5 years ago
Ipswich Proves Frontier In Affordable Housing
Infrastructure3 years ago
Decision on horizon for key marina section of huge North Harbour development at Burpengary
Market Place3 years ago
How to make $1 million ‘flipping’ houses
Market Place3 years ago
Moreton Bay makes top 10 list of places to invest in property
Developments3 years ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct
Infrastructure2 years ago
Watch: Route of Gold Coast’s new ‘M2’ motorway revealed [video]
Brisbane2 years ago
Queensland leads the way in market recovery