Is a move to the Gold Coast on the cards for renters?
Anyone looking at a move from their current residence has probably looked at the Gold Coast as a new destination. And we don't blame you! It's a stunning location, and there's always something going on. Rentals in Surfers Paradise could be calling to you with recent data showing the region performing favourably for tenants.
However, there's a perception that it's an expensive place to live – this isn't the case, as a 31 May media release from the Property Council of Australia reports rent prices have dropped in the region.
It's far more affordable than buying a property outright, which is why renting is such a great option for so many. CoreLogic RP Data reports that the median dwelling value for Brisbane and the Gold Coast combined is $539,160, which could be out of many people's price ranges.
So, is renting for you?
Find your home – don't buy it!
While it's important for you to feel like your home is a place you can be yourself, it doesn't mean you have to be the title-holder. Eternal renters become experts at finding the perfect home for their needs at various stages of life, and it's something that may well work for you.
If you're a young family and don't have the funds required for a deposit on a house, renting at a lower monthly cost is probably going to be a far more welcome option. You could even find yourself in a home for a number of years, and when you've grown out of it, all you have to do is pack up and move onto a more appropriate option.
Over a 50-year period, you might find that you live in ten or 20 properties, with each one offering a new life experience or option to move into a different region. Does that sound like a more attractive idea than living with a mortgage for the same amount of time? Gold Coast rental property has plenty to offer – all it takes is you spending the time finding the perfect place.
That will also likely be cheaper than in recent times too, which is an added bonus.
"In the last quarter, we have seen real rents in Brisbane actually fall for the first time in 20 years of data collection," said Queensland executive director for the Property Council of Australia Chris Mountford.
"Not only are rents falling, but Brisbane is back below the national average after nearly a year of growth that exceeded the rest of the country."
In terms of figures, the growth rate in the Queensland capital city was at a whopping 1.9 per cent for May last year. Last quarter, however, proved to be very different, with a decline of 0.8 per cent.
"There are a number of dynamics driving this decline – low interest rates, additional supply and the economic contraction in Queensland – but negative gearing policies are also a clear factor."
How is the rest of Australia performing?
While there has been a noticeable decline in Brisbane, the national average for rent change has also been in decline (0.1 per cent). However, the two biggest cities in the country have gone against this grain and grown even more – Sydney showing a 1.3 per cent increase and Melbourne a huge 2 per cent. Canberra has also joined in with a hike at 1.5 per cent.
For renters, the cost of living is one of the most important factors in deciding where to locate to in terms of states or cities, and if the prices in Sydney and Melbourne continue to be driven sky-high, demand will turn to other parts of Australia. With that in mind, the low rents in Queensland might not be around for too much longer, so acting fast is your best bet.
Get in touch with Ray White Surfers Paradise to see what Gold Coast real estate is available for rent. You'll find your home here.