Allegra Eases Southport Rental Market

Gold Coast landlords are licking their lips as a major rental crisis is set to spiral out-of-control, experts have warned. Prospective tenants are resorting to desperate tactics to secure homes, including paying up to 12 months’ rent in advance, according to REIQ Gold Coast chairman John Newlands.

Data shows vacancy rates on the glitter strip are among the lowest in Queensland, with 1.9% of rental homes unoccupied, compared to 3.6% in Brisbane. “There are a lot of roads, infrastructure being built, a lot of building that’s there and also the tourism has rebounded as well,” Mr Newlands said.

Developer Danny Andrews, who just opened the 15-storey Allegra in Southport, said he had been inundated with applications even before Saturday’s official opening. “In the first week we’ve received over 200 enquiries and we’ve never had that on any of our previous projects,” he said.

And the crisis is tipped to worsen in the lead up to next year’s Commonwealth Games, according to Karen Hall of Breakwave Property Group. “Time is of the essence,” she said.

“Everybody wants to just get that property, so it is about having the availability and the dollars to throw at it straight away.” © Nine Digital Pty Ltd 2018. Original article available here.