Money Landlords licking lips as rental crisis set to spiral out-of-control

16:57  12 november  2017
16:57  12 november  2017 Source:   MSN

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Rent controls were done away with under Thatcherite housing reforms, and since then the free hand of the market – effectively landlords and letting agents charging as much as they can get away with – has decided at what level rent will be set .

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Gold Coast landlords are licking their lips as a major rental crisis is set to spiral out-of-control, experts have warned.

Prospective tenants are resorting to desperate tactics to secure homes, including paying up to 12 months' rent in advance, according to REIQ Gold Coast chairman John Newlands.

Data shows vacancy rates on the glitter strip are among the lowest in Queensland, with 1.9% of rental homes unoccupied, compared to 3.6% in Brisbane.

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"There are a lot of roads, infrastructure being built, a lot of building that's there and also the tourism has rebounded aswell," Mr Newlands said.

Developer Danny Andrews, who has just opened the 15-storey Allegra tower in Southport, said he had been inundated with applications even before Saturday's official opening.

"In the first week we've received over 200 enquiries and we've never had that on any of our previous projects," he said.

And the crisis is tipped to worsen in the lead up to next year's Commonwealth Games, according to Karen Hall of Breakwater Property Group.

"Time is of the essence," she said.

"Everybody wants to just get that property, so it is about having the availability and the dollars to throw at it straight away."

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