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first_img Vacancies in suburbs such as Surfers Paradise and Broadbeach rose sharply during the COVID-19 period.Andrew Henderson, Gold Coast Zone Chair for the Real Estate Industry of Queensland, said vacancy rates for long-term residential rentals on the Gold Coast are the highest he’s ever seen.“A lot of Airbnb and short-term holiday lets have gone into the permanent rental pool,” he said.“That has created an oversupply in some areas which is compounded by the loss of jobs in hospitality, tourism and retail.” Related news: Rents slashed on luxury Gold Coast holiday homes Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:01Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:01 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedCaptions (En-AU)Quality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoronavirus: Inside Australia’s renting crisis03:01The Gold Coast residential rental market is among the hardest hit in Australia with new data showing a surge in vacancies during the COVID-19 crisis.Rental listings on the Gold Coast jumped by 12.5 per cent between the weeks ending March 22 and 26 April, well above the national average of 0.8 per cent, according to CoreLogic. Nationally, inner-city regions of Melbourne and Sydney took the biggest blows, with rental listings having risen over the same period by 36.2 per cent and 34.1 per cent respectively. Suburbs which rely on industries most heavily impacted by COVID-19, such as Surfers Paradise and Broadbeach, are the most susceptible.John Newlands, Principal of Professionals Surfers Paradise, said the majority of those vacating had lost work in tourism and hospitality as well as students who returned home due to COVID-19.“A good 10 per cent of vacancies on our rent roll are due to those events,” he said.“As an agent you don’t want to lose those properties from the rent roll so what we’ve done is put more resources into showing those properties more frequently to replace those people who have gone.”High vacancies have had a flow-on effect on rental prices.Analysis by realestate.com.au shows median rental prices for units on the Gold Coast plunged -27% over the month from 22 March to 27 April, while housing rentals fared better at 7%. Some landlords have discounted weekly rents while others are offering sweeteners, such as a week’s free rent, in a bid to secure new tenants.More from news02:37Gold Coast real estate: Custodian CEO John Fitzgerald urges Australians to buy more property now16 Sep 202002:37How COVID has changed spring buyer wishlists5 Sep 2020“Some owners are negotiating an outcome that will work for both parties because a lot of landlords are also in situations where they’ve lost their job as well,” Mr Newlands said.But the impact may be short-lived, with Job Keeper payments providing financial relief and COVID-19 restrictions starting to ease across the State.“Now that Job Keeper payments have kicked in, that will start to stabilise the market,” Mr Henderson said.“Once we get hospitality open and tourism picks up once the borders reopen we’ll start to see a positive change flow through.”In the long-term, Mr Henderson said the Gold Coast will likely reap the benefits of significantly increased interstate migration following COVID-19.“People now know they can work from home successfully and realise they may as well live somewhere with a better lifestyle,” he said.“We may be taking a hit now but I believe the mobility of the workforce will fill that gap down the track.”last_img read more