Have Sunshine Coast rental prices reached their peak?

Australians in search of rental homes on the Sunshine Coast have witnessed a slight glimmer of hope as rents have shown signs of stabilization in recent months.

Sunshine Coast rent prices have levelled out over the past few months, with the average rent for houses dropping from an average of $727 per week in January 2023 to an average of $708 in Jun 2023. Apartment rents have maintained an average of $600 per week since January 2023.

SQM Research data shows that the rental vacancy rate on the Sunshine Coast has gradually eased from 0.7% in November 2022 to 1.6% in May 2023.

Since May 2023, there has been in excess of 1,300 properties listed as being available for rent on the Sunshine Coast, back to pre pandemic levels.

Nationally, the latest analysis by PropTrack reveals a slight decrease in the national rental vacancy rates, dropping by 0.01 percentage points to reach 1.42%. This small improvement offers rare optimism for renters who have been struggling under the intense pressures of the market. However, it is important to note that while this stabilization suggests an increase in the number of rental properties becoming available, Australia's rental crisis remains far from resolved.

The report presents a cautiously optimistic outlook for the remainder of the year, indicating the potential for improving conditions in the rental market. Unfortunately, agents continue to face challenges in assisting customers in finding suitable homes. The task remains daunting, and the possibility of further rent hikes looms large.

According to the report, the improvements were observed in all markets except Darwin, regional Queensland, and Western Australia, which experienced slightly more favorable conditions for renters compared to three months ago. Sydney's rental market has also started to ease, with a 0.06 percentage point increase in rental vacancy rates last month and a rise of 0.16 percentage points over the past quarter. In contrast, Melbourne's rental markets have remained stable in recent months, albeit with a low vacancy rate of just 1.33%.

If you are currently struggling to find a new rental home, we encourage you to reach out to our property managers and register your needs with us. We will do our best to assist you in your search.