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“The fact that there are so many suburbs on the Gold Coast now renting for $1000 a week or more shows how attractive it is for that lifestyle, and at this price point I don’t think that will ever change.
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“Part of the reason is that these properties are so sought after and in places like Currumbin there isn’t a lot of supply.”
Hayley Malone of John Reid Real Estate said interstate demand was driving the high-end rental sector, with high-end family homes on the Broadbeach waterfront renting for up to $3000 a week.
She said while demand for luxury lifestyle homes across the city had softened slightly in recent weeks, quality listings were currently taking up to a month to rent.
“Anything under $1000 a week is very popular and we’re seeing a lot of families and couples opting for that range,” Malone said.
“So while our market isn’t as intense as it was at the height of the pandemic, anything under $1,000 is still being snapped up instantly.”
Kollosche Real Estate Management director Todd Madgwick said the luxury market had indeed slowed, but the volume of transactions was still phenomenal. In the past three months, the well-known agency has rented several homes for more than $4000 a week, including a house on iconic Hedges Avenue, or “Millionaire’s Row,” which was rented to an unknown celebrity for $10,000.
Other recent results include a house on Albatross Avenue in Mermaid Beach renting for $6000 a week and a house in Burleigh Heads renting for $4250 a week.
“The demand is being driven by interstate vendors moving to the Gold Coast and wanting to research the market before buying.
“But there are also locals doing large-scale construction in the area who need somewhere to live. We also have some overseas groups working in the film industry here.”
While the Gold Coast currently dominates the region with the highest weekly rents, four suburbs on the Sunshine Coast have also reached the $1000-a-week milestone, led by Noosa Heads at $1100 a week. House rents there have risen 10 per cent in a year.
Doonan house rents increased 5 per cent to $1050 a week, while Minyama house rents increased 27.4 per cent to $1000.
Harcourts Noosa property manager Kirsty Munro said wealthy tenants, mainly from Melbourne, and some Brisbane sea-relocators were driving demand.
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“I’m finding at the top end of the rental market a lot of tenants are actually still living and working in Melbourne but they’re renting here and just commuting back and forth between the cities,” she said. “Even some Brisbane people are doing the same thing.”
She said in the prestige sector, rents were usually capped at $2000 a week, with a striking four-bedroom, three-bathroom home in Noosaville recently renting for $2650 a week.
“It was a brand new house and the owners were very thoughtful. They wanted the new tenant to be able to move right in,” Mr Munro said.
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