Gold Coast emerges as Australia’s priciest city for house rentals
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Photo by Damon Hall
In a surprising shift in Australia’s rental landscape, the Gold Coast has overtaken traditional heavyweights Sydney and Melbourne to become the country’s most expensive city for renting a house. This revelation comes from recent data released by Ray White, highlighting significant changes in rental market dynamics across the nation.
According to the data, renters on the Gold Coast are now paying a median weekly rent of $950 for a house. This figure surpasses Sydney, where the median weekly rent is $810, and Melbourne, which remains significantly lower at $575. Other major cities such as Perth, Adelaide, and Brisbane have also seen varying rental prices, with Perth renters paying $700 per week, Adelaide at $625, and Brisbane at $675.
“The relative cost of renting now varies sharply between cities,” said Nerida Conisbee, Ray White Group’s chief economist. “Historically, Sydney and Melbourne have dominated the upper end of the rental market. Today, lifestyle and smaller capital markets are competing at the top of the pricing spectrum.”
The Gold Coast’s rise to the top of the rental market is indicative of a broader trend where lifestyle destinations are becoming increasingly desirable, thereby driving up rental prices. The city’s rental market has seen an impressive annual growth rate of 8.6 per cent, outpacing other regions such as Hobart and the Sunshine Coast. Meanwhile, cities like Perth, Adelaide, and Brisbane have experienced positive but moderating growth.
“The national picture is one of stabilisation – but not broad-based decline,” Ms Conisbee explained. Despite a slowdown from the rapid pace of 2022 and 2023, Australia’s rental market remains robust. Nationally, weekly house rents average $650, with unit rents slightly lower at $630. The annual growth rate for houses stands at 4.8 per cent, while units have seen a 4.2 per cent increase.
“Monthly growth has flattened at a headline level, suggesting the surge phase has eased,” Ms Conisbee noted. “However, beneath the national average, conditions remain firm in several parts of the country.”
In the unit rental market, the Gold Coast again stands out with a median weekly rent of $770, surpassing Perth’s $650 and Sydney’s $730. Melbourne offers a more affordable option for renters, with units priced at $580 per week.
Ms Conisbee described the current state of Australia’s rental market as “recalibrating.” She elaborated, “Supply constraints remain structural, and population growth continues to underpin demand in both capital cities and regional centres. The surge phase may be behind us, but rents are not retreating nationally.”
The recalibration of the rental market highlights the sharp differences in cost and momentum between cities. While the Gold Coast has emerged as the most expensive city for house rentals, other regions continue to experience varying levels of demand and price changes.
In a city known for its stunning beaches and vibrant lifestyle, properties such as 22 Keppel Way, Coomera, are commanding high rental prices, currently listed at $925 per week. Similarly, 18 Riverina Court, Nerang, is up for rent at $980 per week, reflecting the premium renters are willing to pay for a slice of Gold Coast living.
As lifestyle and smaller capital markets continue to attract renters, the traditional dominance of Sydney and Melbourne in the rental market is being challenged. This shift underscores a growing trend where lifestyle choices significantly influence rental prices, reshaping the housing market landscape in Australia.