The Australian property rental market is witnessing a remarkable trend, with several regional suburbs experiencing lease medians exceeding $1000 per week, as featured in our August Regional Rent Index Report. This phenomenon, particularly prominent in Queensland and New South Wales, is indicative of a complex interplay of factors including lifestyle allure, economic dynamics, and rental demand. We found 17 regional suburbs where median rents are at or over $1,000.
Here's an examination of the suburbs where this trend is unfolding, focusing on vacancy rates and rents.
Gold Coast, Queensland
Broadbeach Waters (Postcode 4218)
Broadbeach Waters has seen its lease median rise to $1,300, up from $1,000 a year ago. The vacancy rate now stands at 1.64%, a slight decrease from three months ago. The suburb's waterways and proximity to the beach make it an attractive rental destination.
Clear Island Waters (Postcode 4226)
With a lease median of $1,300 and a vacancy rate of 0.96%, Clear Island Waters offers a blend of luxury living and accessibility. The area's vacancy rate has seen a slight increase over the past three months.
Mermaid Beach and Mermaid Waters (Postcodes 4218)
These coastal suburbs have lease medians of $1,100 and $1,050, respectively. The vacancy rates are 2.46% for Mermaid Beach and 1.49% for Mermaid Waters, reflecting a healthy rental market.
Other Notable Suburbs
Gold Coast's allure continues with Benowa, Hope Island, Tallai, Tallebudgera, and Tallebudgera Valley all boasting lease medians over $1,000. Vacancy rates range from 2.37% in Benowa to 4.60% in Tallebudgera Valley, indicating varied rental demand across these areas.
Sunshine Coast, Queensland
Sunshine Beach (Postcode 4567)
Sunshine Beach's lease median stands at $1,100, with a vacancy rate of 2.81%. Known for its surf culture and laid-back lifestyle, it's a sought-after location for renters.
Noosa Heads (Postcode 4567)
Noosa Heads, with a lease median of $1,020 and a vacancy rate of 2.44%, is famous for its natural beauty and outdoor activities. The area's vacancy rate has nearly doubled over the past three months.
Richmond - Tweed, New South Wales
Byron Bay (Postcode 2481)
Byron Bay's lease median has reached $1,100, with a vacancy rate of 4.30%. The area's vacancy rate has remained stable over the past three months, reflecting consistent demand.
Casuarina (Postcode 2487) and Suffolk Park (Postcode 2481)
Casuarina and Suffolk Park have lease medians of $1,100 and $1,050, respectively. The vacancy rates are 2.57% and 4.30%, showcasing the growing appeal of the Richmond - Tweed region.
Southern Highlands, New South Wales
Burradoo (Postcode 2576)
Burradoo's lease median stands at $1,000, with a vacancy rate of 2.75%. Known for its elegant country living, it's a suburb that offers a unique rental experience.
Conclusion
The emergence of $1000 rents in these regions is a significant development in Australia's rental landscape. The varying vacancy rates across these suburbs provide insights into the local rental dynamics and the factors driving demand. Whether it's the coastal charm of the Gold Coast or the serene elegance of the Southern Highlands, these suburbs are setting new benchmarks in rental living. The trend reflects not only the economic vitality of these regions but also the evolving preferences of Australians seeking quality, convenience, and lifestyle in their rental choices.