Gold Coast Rental Market in 2024

Gold Coast rental market
By The Hospitable Team

Are you thinking about starting an Airbnb business on the Gold Coast? To help you make an informed decision, in this article, we share insights into the Gold Coast rental market that offers vibrant investment opportunities with attractive rental yields and high growth potential.

Gold Coast Rental Market: Key Stats and Facts about Short-Term Rentals

Famous for its golden beaches, surfing spots, theme parks, shopping, and nightlife, the Gold Coast is one of Australia's most popular tourist destinations. The region attracts 13 million local and international visitors annually, making it a prime location for short-term rental investment. Surfers Paradise, Broadbeach, Burleigh Heads, Palm Beach, and Coolangatta are top-performing Airbnb locations.

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As of May 2024, 11,430 short-term rental properties were registered with the City of Gold Coast. Currently, around 11,000 vacation rental properties on the Gold Coast are listed on Airbnb.

According to Key Data, individual and small hosts dominate the Gold Coast Airbnb rental market. Data show that 97% of Airbnb hosts in the Gold Coast manage just 1-5 listings, 3% of hosts list 6-20 properties, and only 1% of hosts have 20+ listings. This represents diverse opportunities for property managers and investors looking to grow their Airbnb businesses in this area.

The average daily rate (ADR) for Airbnb properties in the Gold Coast in 2024 (Jan 1 - Aug 18) was $245, which is 5% higher than it was in 2023 ($233). Compared to 2022 (Jan 1 - Aug 18), when the ADR was $215, we see a significant increase, reflecting a competitive and lucrative market for property owners​.

Still, the year 2024 has presented some challenges regarding Airbnb occupancy rates. In 2024 (Jan 1 - Aug 18), the paid occupancy rate in the Gold Coast was 31%, showing a 3% decrease compared to paid occupancy rates in 2022 (34%). That means the Gold Coast Airbnb rental market has not reached the occupancy levels of the pre-pandemic years.

Rental Crisis Gold Coast

The Gold Coast is all about the luxury lifestyle and premium properties. In the last 12 months, house prices on the Gold Coast have grown 9% compared to the national average of 8.5%, with median house prices surpassing the million-dollar mark.

The Gold Coast is also one of the tightest rental markets in Australia. Being one of the strongest growing regions, it's experiencing a severe housing shortage due to an imbalance in supply and demand. The Gold Coast tenants who have to face limited housing supply and high rental prices have been the hardest hit by the crisis of any Queensland region.

It costs more to rent on the Gold Coast than it does to lease in Brisbane or Melbourne. Asking rents have increased by 3.2% during the past 12 months. The asking rent for a Gold Coast house in September 2024 was $949 a week and $780 for a unit, according to SQM Research data. Since Gold Coast long-term rental properties are among the most expensive in the country, an increasing number of tenants share rental homes to keep costs affordable.

Gold Coast Rental Vacancy Rate

Vacancy rates remain critically low across Queensland, and the Gold Coast is no exception. Low supply and increased interstate migration have fueled competition in the Gold Coast rental market, resulting in a shortage of rental properties across the region.

According to SQM Research, the residential rental vacancy rate in the Gold Coast was 1.5% in August 2024, which is 0.2% lower than the vacancy rate of 1.7% recorded in July 2024 (it's the highest vacancy rate recorded since August 2020).

The Real Estate Institute of Queensland (REIQ) classifies vacancy rates below 2.5% as tight—they indicate that there are not enough rental properties coming up for rent. With rental properties being scarce, rental prices continue to rise while tenants tend to prolong their stays.

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In this e-book, we cover: Decisions to make and things to check before you start. How to prepare your property for short-term rental. Setting the ground to stand out from the crowd. Admin work. Assembling a team. Not putting all eggs in one basket. Your daily operations. Mastering communication with your guests. Getting the 5-Star review after all that hard work.
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