2021-12-13 GC Agenda - Item 8 -Attachment 1 - Housing Needs Assessment

10.3         Rent
A Report for the Australian Council of Social Service and University of New South Wales Poverty
and Inequality Partnership, by the City Futures Research Centre at UNSW 38 noted that while rents
declined sharply in some capital city inner suburbs at the start of the COVID pandemic, the national
picture has seen a rapid take-off in rents from mid-2020, with annual increases accelerating to over
8% by the third quarter of 20-2021 – far ahead of wage growth and dramatically higher than the
annual rent increase norm over the previous decade. Further, rent inflation in regional Australia
escalated to 12.4% in the year to August 2021, with non-metropolitan increases outpacing capital
cities. The increase in asking rent for regional Queensland from August 2020 to July 2021 was 13%.
The Residential Tenancies Authority (RTA) calculates median weekly rents based on an analysis of
information gathered from new rental bond lodgements in each quarter. The data is collected from
bond lodgement forms and does not take into account condition or age of the property, any inclusions
provided or facilities that may be available.
For smaller dwellings, Noosa’s median rents do not seem that different to the broader Sunshine
Coast or the State, however as dwelling size increases so does the distinction.
While median rents in Noosa Shire have typically been above State average over the last decade
the gap has widened. Figure 19 below runs a comparison of median rents for a three bedroom house
in Noosa Shire compared with the State.


Table 29 Median weekly rent by dwelling type, 12 months ending 30 September 2021


 Area                           1 bedroom            2 bedroom            3 bedroom      4 bedroom
                                  flat/unit            flat/unit            house          house

                                                        Median weekly rents ($)

 Noosa Shire                                345                  500               600           740

 Sunshine Coast SA4                         330                  440               520           620

 Queensland                                 330                  400               400           470

Source: Residential Tenancy Authority




38 Pawson, H., Martin, C., Thompson, S., Aminpour, F. (2021) ‘COVID-19: Rental housing and homelessness

policy impacts’ ACOSS/UNSW Poverty and Inequality Partnership Report No. 12, Sydney


Noosa Housing Needs Assessment 2021                                                            Page 82