Widespread Interest in Rentals

April 15 2024

Demand for blue-chip rental properties on the Gold Coast is rising, with enquiries originating from unexpected locations.
Widespread Interest in Rentals

The luxury rental market is experiencing a shift in demographic, with people from widespread locations looking to make a semi-permanent move to the Gold Coast.

Historically, rental demand within the city’s luxury sector came from people living in either Sydney or Melbourne.

However, as the Gold Coast matures and develops, it is appealing to a broader base of people originating from places such as Canberra, Perth and, increasingly, New Zealand, who are keen to sample what the city has to offer.

Kollosche Head of Property Management Luke McPhee says that since the pandemic, flexible and remote working has become commonplace, creating opportunities for people to live and work from more lifestyle oriented locations.

“As a tourist destination, the Gold Coast has always had a somewhat transient population and that demand for short to mid-term rentals hasn’t gone away,” Luke says.

“What has happened is that, since the pandemic, we now have an increased level of demand from people not previously able to rent on the Gold Coast, wanting to see what our lifestyle is all about.”

With migration levels on the Gold Coast expected to rise significantly over the coming years, demand for rental properties is only set to increase.

Luke says that most of the recent enquiries fielded by Kollosche’s property management team were targeted at the upper end of the market, with prospective tenants willing to pay rents upwards of $3,000 a week.

Beachfront and waterfront homes are the most in demand for the lifestyle opportunities they present.

At less than 1 per cent, the Gold Coast vacancy rates are the tightest the city has experienced, but Luke says current economic conditions have led to a rise in the level of high-end rental stock entering the market.

He says many second-home or holiday homeowners, who would normally hold their properties for private use only, are choosing to place them in the long-term rental pool to recover some of the additional costs brought about by higher interest rates and inflation.

Anyone thinking of making a move should act swiftly, because if interest rates start to fall, the situation in the premium market may reverse, with people reverting to holding their homes for private use.

Kollosche currently has a number of premium rental opportunities available. Contact the property management team to discuss on and off-market opportunities.

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