You will need to earn double the average wage to afford it, but for just under $1000 a week, you can rent a lush five-bedroom mansion on acreage in one of Brisbane’s poshest suburbs. That’s after finding four times that amount to cover the bond.
Although spare a thought for Sydney renters, who need to earn an annual income of $385,667 if they want to live in ritzy Vaucluse, where anything less than $1000 a week will only get you an apartment, while a five-bedroom house comes with a $5000 a week price tag.
Queensland’s high-end rental market is on fire, with tenants forking out weekly rent that doubles most weekly wages, according to new data from realestate.com.au. The highest median weekly rent in Queensland is $795 a week, with the exclusive Brisbane acreage suburb of Pullenvale and idyllic Tallebudgera Valley in the Gold Coast hinterland commanding that figure.
756 Trees Road, Tallebudgera Valley For Sale by Ray White Mermaid Beach
To comfortably afford a rental property for $795 a week, a tenant would need to earn an annual income of $137,800, without going into rental stress. The average gross household income in Pullenvale is $169,000, according to Census data, but in Tallebudgera Valley, it is only $82,784. And while the majority of people might not be able to comprehend splashing $1000 a week on rent, an increasing number are more than happy to bear the cost.
Living Here Cush Partners Principal and Ray White Auctioneer Haesley Cush said his agency had rented more properties over $1000 a week in the past six weeks than at any other time in years past. “What we found starting to build at the start of the year was confidence in tenants to spend more than $1000 a week, but in June, we’re seeing even more of that interest,” Mr Cush said. “I think the unrenovated market in Brisbane has been very buoyant in the last couple of years so those builds are now taking place.”
His colleague, Eadan Hockings, said tenants were secured for two properties last month at rates of $2000 a week after just one inspection. Mr Hockings said tenants often ended up staying in a rental property for longer than expected because they discovered they enjoyed the benefits of renting.
Mr Cush pointed out that the high end rental market was seasonal, with the bulk of tenants coming into the market in January and then another wave in June. He said the three main segments of the high end rental market in Brisbane were people who had sold, people who were renovating and executives.
6/1 Twenty Seventh Ave, Palm Beach Leased by Ray White Mermaid Beach @ $1,100 per week.
Executive leasing specialist Jennifer Grainger said a small number of her clients were executives from multinational companies in the oil and gas or IT industries, but the majority were affluent families who had sold their multimillion-dollar homes and could not find their next property. “There’s a shortage of properties to buy at the moment so that’s forcing people into a rental,” Ms Grainger said.
“When you’ve got $2 million to spend, you’re pretty fussy about what you buy, so they will happily rent until they find something. They’re not going to drop their standard of living just because they’re renting, so they are going to rent a comfortable house,” Ms Grainger said.
Four of the top 10 most expensive suburbs to rent a house in the state are on the Gold Coast, which Ms Conisbee attributed to demand outweighing supply. “There’s a bit of a rental crisis happening on the Gold Coast,” she said.
In the idyllic Gold Coast hinterland, a private family home is available for rent for the first time in Tallebudgera Valley for just over $1000 a week.
32 The Promenade, Isle of Capri Leased by Ray White Mermaid Beach @ $1,650 per week.
THE 10 MOST EXPENSIVE SUBURBS TO RENT A HOUSE IN QLD
Suburb Median rent Income needed to afford rent Household income
Pullenvale $795 $137,800 $169,000
Tallebudgera Valley $795 $137,800 $82,784
Clear Island Waters $788 $136,500 $71,396
New Farm $765 $132,600 $93,704
Brookfield $750 $130,000 $151,580
Currumbin Valley $750 $130,000 $88,036
Chelmer $725 $125,667 $132,600
Mons $725 $125,667 $116,376
Diddillibah $725 $125,667 $65,884
Tallebudgera $715 $123,933 $104,988
(Source: Realestate.com.au, based on figures to 31/05/2018 and 30% of income going to rent)
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as published on www.goldcoastbulletin.com.au