RENTERS in Sydney’s exclusive eastern suburbs of Rose Bay and Vaucluse have seen eye-watering rent surges of $625 and $500 per week respectively over the past year, while several Gold Coast locations featured in the nation’s top 10 for rental growth.
A remarkably tight rental market has seen vacancies at historic lows, pushing up rents, and a migration surge is set to put more pressure on the market.
Rose Bay house rents now site at $2,000 per week, and in Vaucluse they’re now at $3,000 per week, according to PropTrack data.
Its list of house rent growth hotspots was dominated by Sydney’s east and Gold Coast. Next on the list were Gold Coast trio Clear Island Waters (up $400 to $1,400), Paradise Points (also up $400, to $1,250), and Surfers Paradise (up $360 to $1,400). Miami also featured in the list, up by $300 to $1,100.
Sunshine Beach in Noosa jumped $330 to $1,200.
Also representing Sydney’s east were Pagewood (up $310 to $1,190), North Bondi ($300 to $1,800) and Queens Park ($300 to $1,650).
Inner Sydney dominated growth for units, led by Haymarket (up $210 to $900), while the top 10 also featured Darling Point ($200 to $1,050), Zetland ($170 to $820), Millers Point ($160 to $850), Rosebery ($155 to $750), Chippendale ($150 to 4700) and Sydney ($150 to $800).
Main Beach on the Gold Coast was up $200 to $750 and Melbourne by $150 to $550.
Suburbs that have experienced the strongest increase in rents year-on-year:
| Houses | Units | |||||||
| Suburb | GCCSA | Current median weekly rent | $ change in median rental price | Suburb | GCCSA | Current median weekly rent | $ change in median rental price | |
| Rose Bay | Greater Sydney | $2,000 | $625 | Haymarket | Greater Sydney | $900 | $210 | |
| Vaucluse | Greater Sydney | $3,000 | $500 | Main Beach | Rest of Qld | $750 | $200 | |
| Clear Island Waters | Rest of Qld | $1,400 | $400 | Darling Point | Greater Sydney | $1,050 | $200 | |
| Paradise Point | Rest of Qld | $1,250 | $400 | Zetland | Greater Sydney | $820 | $170 | |
| Surfers Paradise | Rest of Qld | $1,400 | $360 | Caringbah South | Greater Sydney | $965 | $170 | |
| Sunshine Beach | Rest of Qld | $1,200 | $330 | Millers Point | Greater Sydney | $850 | $160 | |
| Pagewood | Greater Sydney | $1,190 | $310 | Rosebery | Greater Sydney | $750 | $155 | |
| Miami | Rest of Qld | $1,100 | $300 | Chippendale | Greater Sydney | $700 | $150 | |
| North Bondi | Greater Sydney | $1,800 | $300 | Melbourne | Greater Melbourne | $550 | $150 | |
| Queens Park | Greater Sydney | $1,650 | $300 | Sydney | Greater Sydney | $800 | $150 | |
