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Stakeholders from across the country convened on the Gold Coast earlier this week in an effort to “understand the unique challenges” facing property seekers in the popular region.
With nearly 85,000 interstate migrants making a home in Queensland throughout the pandemic, Real Estate Institute of Australia (REIA) president Hayden Groves said the movement to “hugely liveable coastal hubs” such as the Gold Coast have brought with them “many housing challenges for both renters, home buyers, and homelessness”.
“This has impacted housing and rental affordability, and the Gold Coast has also become a prime destination for short stay accommodation.”
REIA Queensland spokesperson Andrew Bell OAM believes leadership across three levels of government will be “critical” to ensure actual action on housing supply.
He himself noted that “over the past three years, the Gold Coast has experienced unprecedented growth in its population, predominantly due to migration from people from the Southern states”.
Mr Groves himself said the REIA is keen to work with local stakeholders to better understand the issues — as well as work with them on “local solutions with a national lens”.
According to Mr Bell, the influx of migrants is only one part of the puzzle.
He cited that the demand for rental accommodation, which is usually the first point of call for a migrator, “has added to the incredible demand for rental properties and has seen vacancy rates drop from 3.5 per cent pre-pandemic to well under 1 per cent at our lowest point”.
“We are also facing the reality of a huge number of returning overseas students who are also seeking rental accommodation. So, the competition in the rental market on the Gold Coast is exceptionally fierce,” he commented.
“For buyers of property, we have also seen diminishing supply of affordable real estate, as most of our current areas zoned for development have already been snapped up.”
From Mr Bell’s perspective, “more areas need to be released for affordable housing and that will require some zoning changing, so all three levels of government — local, state, and national — need to be working in close unison to deliver these outcomes”.
“Unfortunately, history has taught us that decision making at government level is slow and complex, hence several years of housing crisis has now passed without any significant steps being taken.”
The REIA National Roundtable involved both Mr Bell and Mr Groves, alongside Ray White Group chief economist Nerida Conisbee, as well as an address from Tom Tate, Gold Coast mayor.
A case study of the impacts of short stay accommodation was also presented.
The roundtable coincided with the publishing of Jeff Paine’s comments, who called for smart regulations for the short-term rental market, stating to do so would advance Australia’s tourism industry, as well as its digital economy.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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