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Collectiv Asset Management co-founder Blake Farquhar said a shortage of rental properties in predominantly owner-occupied suburbs had fuelled growth in those areas.
Alongside interstate families, tenants prepared to pay top dollar for luxury homes included local homeowners who had recently sold their property and were seeking to rent before buying again in the current hot market.
“These people are coming from exceptional homes and they are seeing value. They are spending the same money here, but getting a better quality property,” Mr Farquhar said.
Queensland’s three most expensive rental properties are more than $3000 a week and all promise a life of luxury, especially for those in isolation.
From mega mansions to penthouses, cashed-up renters will have plenty of choice with more rental properties coming on the market, according to Blake Farquhar, on the Gold Coast.
Mr Farquhar said high-end rentals were currently in demand from medical workers, ‘business gurus’, chief executives and those in the building and development industry.
For those chasing luxury for less, Mr Farquhar said now was the time to test the waters. Take a four-level home at 67 Commodore Drive, Paradise Waters on the Gold Coast.
The six-bedroom, eight-bathroom home was originally advertised for rent for between $5500 and $6000 a week. However, it has recently undergone a significant price drop and is now available for $4500 a week.
https://www.realestate.com.au/news/live-like-royalty-in-queenslands-most-expensive-rentals/
Blake Farquhar, said his office had been inundated with calls from holiday home owners keen to secure long-tern tenants.
“Literally every holiday home owner on the Gold Coast has lost that revenue for the foreseeable future,” he said.
“We’ve taken one call after another from owners asking to list their properties for lease right away.”
Mr Farquhar said demand was matching supply to date, particularly from interstate or overseas visitors looking to bunker down on the Gold Coast.
“This week we leased a sub-penthouse in Surfers Paradise for $4000 a week, with six months rent upfront,” he said.
“We’ve leased another three for between $700 and $950 a week, some of them paying rent in advance as well to offer security to the landlords.”
https://www.realestate.com.au/news/rents-slashed-on-luxury-gold-coast-holiday-homes/
“We’re confident we will lease it out in time to come,” Blake Farquhar, said.
“It’s hard to put a time frame on it.”
The house, which last sold for almost $5.5 million in 2017, features four levels of luxury living on a premier riverfront block at Paradise Waters.
It has all the modern conveniences expected of a high-end residence including a games room, media room, office, pool, spa, library and lift.
The Gold Coast’s median weekly rent is $520 a week according to REA Group.
Mr Farquhar said the high-end rental market was a niche market but one that was still in demand.
“People come for a sea-change, it’s high-end network families where they don’t need to buy and are not after an investment,” he said.
“They want the peace of mind that it’s going to be looked after and a property where everything is done for them.”
https://www.realestate.com.au/news/inside-mega-mansion-on-the-rental-market-at-6000-a-week/
Blake Farquhar said people looking for cheaper rentals would need to sacrifice location.
“I think it will be extremely rare to find a house under $400 a week unless it’s in Pimpama or Coomera,” he said.
“All the premium spots like Robina and Varsity Lakes are becoming more owner occupiers so there’s less rentals and if there are (rentals), people are paying more to be there.”
He said there were plenty of options for people who wanted to rent houses.
“They’re coming up quite frequently at the moment and there’s a good amount of demand,” he said.
“December and January are absolutely the peak of the rental market.
https://www.realestate.com.au/news/gold-coasts-cheapest-suburb-to-rent-property/
Blake Farquhar said educating landlords about their rights often helped dispel fear of having pets in their properties.
“I think it’s just out of fear that if something happens, they’re not protected,” he said.
“In this day and age, it’s more of an education thing.”
He said people with pets would often have been knocked back when applying for rentals five years ago but it was more widely accepted today.
“Pets are considered an additional family member so more and more people are becoming more accepting of it,” he said.
https://www.realestate.com.au/news/gold-coasts-most-petfriendly-suburbs/
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