Tenants trying to find romance during COVID? It’s become a drawcard for rentals in one Queensland suburb.
According to data from proptech solution Console Cloud on rental affordability and market movements, many of Australia’s single people are flocking to the Brisbane suburb of Holland Park – so much so that it’s now been dubbed “Tinder Town for singles”.
“Holland Park is now a hotspot for singles looking to rent,” according to Console Cloud’s head of customer success Natasha Anich.
Ray White Holland Park’s head of property Kaitlyn Barnes has echoed the sentiments, saying Holland Park has indeed “become the hot sister to Bulimba – a great place to meet someone new [or even] find the person of your dreams”.
“This is ‘Tinder Town’ now. We’ve seen a doubling on the number of singles moving to the area this year and they now represent about a third of the demographic makeup,” Ms Barnes said.
From January to July 2021, Holland Park has witnessed 167 families and couples moving into new rentals, while singles took stock in nearly 90 properties.
In comparison, the same period last year saw 93 families and couples and just 47 singles enter the area.
“In one of the tightest rental landscapes, we’ve seen a doubling in the number of singles moving to Holland Park, and simultaneously, a significant increase in the number of new tenancy agreements – that is, 144 in 2020 compared with 215 in 2021,” according to Ms Barnes.
But why exactly are singles moving to Holland Park?
The main reason is affordability, Ms Anich highlighted.
Formerly overshadowed by its neighbouring suburbs, Holland Park is now appealing to renters seeking affordable housing options amid rising prices across major capital cities, according to her.
Where surrounding areas like Bulimba, Hawthorne, and Balmoral witnessed rents increase to as much as $417 in 2021 from $375 just three years ago, Holland Park has maintained a modest $250 per week rent over the same period.
Apart from affordability, the suburb has also been touted for “having it all” in terms of style options – from character homes and quintessential 1960s and 1970s Queenslanders to modern units and townhouses, according to Ms Barnes.
Because of this, Holland Park has also been seeing a surge in demand from interstate on top of the already strong local demand, she said.
“Since January, we’ve had 215 new tenancies, and more than half are interstate renters who often remark on the amount of coffee shops, local amenities, and open greenspaces. The biggest thing we’ve heard from interstate moving north is that they didn’t want the concrete way of living they’d had through lockdown.
“Suburb life, as I call it, is all about experiencing park life, coffee life, close-to-everything life and non-concrete life. People are noticing that Holland Park is just that – a mini city with a suburban life, yet still closely connected to Brisbane City with a short ten-minute drive.
“Being two minutes from the highway to get to either the Gold or Sunshine Coasts is a major selling point and we’re seeing rentals snapped up within 48 hours of listing,” Ms Barnes commented.
Indeed, the surge in demand from local and interstate renters has put positive pressure on Holland Park’s rental prices, with some listings attributing as much as $50 to $100 increase per week, she noted.
Looking ahead, Ms Barnes expects Holland Park to continue growing as it offers a wide range of housing options right at the helm of the Queensland capital.
“Holland Park has always been a diverse suburb by way of community, greenspace and properties – lots of people have met here and begun their families – and now more than ever, our little community is growing.”